Dollar Weakness Fuels Crypto Rally as Equities Rotate
The US Dollar is under pressure, supporting risk assets and maintaining a constructive market backdrop. While equities are mixed, technology stocks have lost momentum, while consumer stocks and Chinese tech shares are performing better.
Crypto remains particularly strong, with Bitcoin and Ethereum posting their third consecutive strong day. Both assets are approaching their 50-MA on the weekly chart, with a break above these technical levels potentially releasing additional upside momentum and attracting fresh buyers.
The market is showing an interesting rotation, with technology stocks losing some momentum while consumer and Chinese tech stocks perform better. At the same time, crypto is exhibiting stronger breadth and momentum than equities, with BTC and ETH approaching important weekly resistance.