Flipster Crypto Weekly (May 2)

May 2, 2025

Crypto markets stayed strong this week despite mounting signs of  U.S. economic weakness. Bitcoin (BTC) is up over 3% and on track for its fourth consecutive weekly gain—despite the U.S. reporting a 0.3% GDP contraction in Q1 2025, the first since 2022. Jobless claims also rose to 241,000, surpassing the expected 224,000, hinting at potential softening in the labor market, while the ISM Manufacturing PMI for April fell to 48.7 from 49 in March, pointing to  continued industrial slowdown. While weak macro data has historically supported risk assets by fueling rate-cut expectations, it remains to be seen whether crypto’s upside momentum will be sustained.

Bitcoin (BTC)

Weekly performance: +2.74%

Year-to-date (YTD) performance: +3.47%

Bitcoin (BTC) continues to find support at the 150-day moving average (MA) and broke out above its recent mini range during Thursday’s session. The breakout saw BTC close above $95,600, underscoring the positive momentum currently driving the largest cryptocurrency by market capitalization.

Ethereum (ETH)

Weekly performance: +3.2%

Year-to-date (YTD) performance: -45.15%

Ethereum (ETH) has risen over 30% from its early April lows and has successfully closed above the 50MA, a key resistance level. While ETH continues to underperform relative to other major altcoins such as Solana (SOL) and Sui (SUI), recent price action suggests a potential reversal of its previous downtrend. If the current momentum persists, further upside could be expected.

Solana (SOL)

Weekly performance: -2.59%

Year-to-date (YTD) performance: -21.5%

Solana (SOL) broke below the key $148 support level—highlighted in last week’s Crypto Weekly—earlier in the week. However, it has since reclaimed this level as of Thursday and remains above it at the time of writing. Looking ahead, resistance may emerge around the $153–$155 range, as indicated by multiple upper wicks formed over the past week and a half, suggesting the presence of overhead supply.

Virtuals Protocol (VIRTUAL)

Virtuals Protocol (VIRTUAL) has demonstrated remarkable strength, surging over 300% in just three weeks. It has convincingly broken above several key moving averages and is now trading around its 150-day moving average, which coincides with a resistance zone near the $1.70 level.  Disclaimer: This material is for information purposes only and does not constitute financial advice. Flipster makes no recommendations or guarantees in respect of any digital asset, product, or service. Trading digital assets and digital asset derivatives comes with a significant risk of loss due to its high price volatility, and is not suitable for all investors. Please refer to our Terms.