Market analysis for the week

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09.02.2024
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The working week is coming to an end. This time, important economic dates have passed us by.

🟢 The cryptocurrency market grew by 7.9%. BTC-ETF funds continue to accumulate coins, miners have eased sales, and the withdrawal of BTC from exchanges has accelerated. All of these factors and more managed to push BTC above $47,000. Altcoins are still lagging behind in this race. They seem to need more time. Given that the volatility “spring” is shrinking, we will soon see sharper movements.

🟢 The stock market is growing. For the fifth week in a row, it has been closing in the green zone. The S&P 500 rewrote its all-time high and finally broke through 5000 points, closing the week up +1%, while the Nasdaq rose 1.6%. From here on out, you need to trade cautiously as there is a high probability of a red weekly candle.

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