Wall Street is gearing up for a busy week with corporate earnings reports and retail sales data taking center stage. Investors hope to see more signs of the U.S. economy's resilience after recent successes in equity markets.
Impact of Earnings on Stocks
The earnings season kicks off with giants like American Express, Netflix, United Airlines, and Procter & Gamble lined up to report. JPMorgan Chase and Wells Fargo have already surpassed expectations, causing their stocks to jump. These reports provide insight into U.S. consumer spending, which makes up more than two-thirds of the economy. Crypto markets also react to macroeconomic pressures. If consumers aren't spending, Bitcoin and other cryptocurrencies may be affected. Goldman Sachs lowered recession odds to 15% after recent employment data, though job cuts in the financial and tech sectors and other factors make the consumer environment less predictable. Over the next two weeks, over 150 S&P 500 companies will report their earnings.
What's Happening with Bitcoin?
BTC is trading at $62,622, gaining 0.32% over the last hour. Price has been fluctuating between resistance at $62,700 and support around $62,159. Short-term trends remain bullish with the price above the 50-hour moving average. Volume trend shows cautious optimism, while Bitcoin's derivatives market is showing reduced activity. Options are seeing less action as well, but open interest remains steady. On Binance, the long/short ratio for BTC/USDT is 1.2523, indicating a slight bullish sentiment. In the past 12 hours, $9.80 million in short positions have been liquidated, compared to $6.98 million in longs.
Wall Street Volatility Affects Ethereum
Ethereum follows a similar path. Its price is currently $2,459, up 0.14% in the past hour. Ethereum is above its 50-hour moving average ($2,434) but just below the 200-hour at $2,458, indicating a bullish short-term trend. The derivatives market shows decreased volumes, but open interest has risen slightly. The long/short ratio for ETH/USDT on Binance is 2.2658, while on OKX it is 2.54, indicating strong bullish bias. In the past hour, $653.41K in shorts were liquidated compared to $663.43K in longs.
Wall Street's focus is on earnings and retail sales, but the crypto market also remains under watch. Investors are keeping a close eye on the situation, waiting to see how the U.S. economic data may impact both traditional and digital assets.