Key Facts

• The 50-day simple moving average is a widely tracked near-term trend gauge, and price breaks above that level are taken as a sign that bullish momentum is building.
• Only 29 of the top 100 coins, including bitcoin and ether, are trading above their respective 50-day averages, indicating a decisively bearish breadth in the market.
• In comparison, 47 stocks from the Nasdaq 100 index traded above their 50-day SMAs as of Monday, highlighting the relative weakness of the crypto market.
• The stability in bitcoin and ether since the selloff stalled below $58,000 on June 1 has not yet spilled over into the wider crypto market, but ether's recent outperformance of bitcoin has raised hopes for a potential altcoin rally.
• The US core PCE inflation and GDP data due later this week, along with the Federal Reserve's interest-rate decision, could breed volatility in the market, particularly after the Clarity Act progress was delayed.