The week is ending on a cautious note for crypto markets. Bitcoin (BTC) is trading at $66,036, down 4.2% over seven days, while Ethereum (ETH) has slipped to $1,939, a weekly loss of 6.1%. Trading volumes remain moderate, signaling a general wait-and-see attitude. Analysis: The Weight of Macroeconomics Two factors weighed on the market this week. First, the minutes from the Federal Reserve’s meeting, released Wednesday, confirmed a hawkish stance: interest rates remain elevated at 5.50%, with no cuts expected before September 2026 at the earliest. This tightening monetary environment penalizes risk assets, including crypto. Second, the US Consumer Price Index (CPI) for May, released Thursday, surprised to the upside, coming in at +3.6% year-over-year versus the 3.4% expected. Core inflation (excluding food and energy) remains sticky at 3.8%. As a result, equity markets corrected by 1.5% to 2%, and crypto followed suit. On the regulatory front, the SEC announced the opening of a public consultation on spot Ethereum ETFs. While this is positive news in the long term, it was not enough to support ETH’s price, which remains constrained by macro headwinds. Outlook: A Waiting Game Bitcoin is currently testing the key support level at $65,000. A technical bounce is possible early next week, but the trend remains fragile. If $65,000 gives way, a pullback toward $62,000 is plausible. For Ethereum, the psychological threshold of $1,900 is critical. A weekly close below this level would open the door to $1,800. Key events to watch: the European Central Bank (ECB) meeting next Thursday and US retail sales data. In the absence of a strong catalyst, the market could remain range-bound. In summary, the week was dominated by macroeconomics and caution. No panic, but no euphoria either.
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