Bitcoin closed last week in green above $37,000, officially recording a series of 4 consecutive weeks of increases.

BTC price chart – 1 week | Source: TradingView

US stocks

Futures contracts on the US stock market decreased slightly on Sunday evening after Moody's Investor Service lowered the US credit rating outlook from stable to negative.

Dow Jones futures fell 54 points, or 0.1%, while futures contracts tied to the S&P 500 and Nasdaq-100 both fell 0.2%.

On Friday, Moody's highlighted the "huge" US fiscal deficit and the impasse in Washington as contributing factors to the downgrade. This happened three months after Fitch downgraded the US long-term foreign currency issuer default rating from AAA to AA+, citing an expected financial recession and increasing debt burden. , debt and political deadlock.

“Amid higher interest rates, there are no effective fiscal policy measures to reduce government spending or increase revenues,” the agency said. Moody's expects that the US fiscal deficit will remain very large, significantly weakening its ability to service its debt."

Jay Hatfield, CEO of Capital Management Infrastructure, said that while there is “no risk of default for the US”, the prospect of a lower credit rating still has an impact on the attractiveness of debt to foreign investors.

On the economic data front, investors will keep an eye on October's monthly federal budget, as well as the Federal Reserve Bank of New York's October consumer expectations survey. Fed Governor Lisa Cook is also expected to make remarks Monday morning. This all comes ahead of Tuesday's monthly consumer price index data.

The S&P 500 rose 1.3% last week, while the Dow and Nasdaq rose about 0.7% and 2.4%, respectively.

Bitcoin and Altcoins

In the world of investing, Jim Cramer, a “quite famous” personality and financial analyst, is often known for his bold market predictions. However, stock and cryptocurrency markets often tend to move opposite to Cramer's predictions. There were even rumors of a fund making trades contrary to his predictions.

Against this backdrop, Bitcoin saw an impressive 37% increase, coinciding with a bearish outlook from Cramer.

Recently, the Bitcoin chart shows a growth trend. Bitcoin price has been forming a series of higher highs and higher lows, the classic indicator of bullish momentum. The recent rally pushed the price above the psychological resistance of $35,000, with the price currently hovering around $37,250, closing out the fourth consecutive week in the green.

BTC price chart – 1 day | Source: TradingView

Volume plays an important role in confirming the strength of price movements. For Bitcoin, trading volume was quite large throughout the bull run, indicating strong interest and confidence among buyers. Additionally, the MACD line is in the bullish zone and the relative strength index (RSI) is showing sustained buying pressure without entering the overbought zone.

Another notable technical aspect is the price action related to moving averages. Bitcoin price sits comfortably above both the 50-day and 100-day moving averages, which act as support levels during the bull market. This signal further strengthens the positive outlook for Bitcoin in the short and medium term.

Many altcoin projects recorded double-digit growth in just the past 24 hours.

In the top 100 altcoins with the largest market capitalization, Klaytn (KLAY) is the most prominent project with a growth of more than 30% in the short term.

Followed by Celestia (TIA), FTX Token (FTT) and ORDI (ORDI) all increased by more than 20%. Based on the weekly time frame, all three of these projects are bringing huge profits to investors with growth rates of up to 3 digits.

Avalanche (AVAX), Filecoin (FIL), Polygon (MATIC), dYdX (ETHDYDX), Synthetix (SNX), Algorand (ALGO), Optimism (OP), NEAR Protocol (NEAR), Sui (SUI)… pop up more than 10 % compared to the previous 24 hours.

Source: Coin360

Ethereum (ETH) also recorded its fourth consecutive weekly gain with an increase of nearly 10% in the past 7 days. With the hype generated by BlackRock's spot ETF filing, ETH broke out of the $2,000 threshold and officially closed weekly above this key psychological level. Currently, the asset with the second largest capitalization on the market is trading around $2,060, up more than 1% in the past 24 hours.

ETH price chart – 1 week | Source: TradingView

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