The stock markets are showing resilience, with the yield on 10-year bonds decreasing, the dollar index stable at 104.6, rising Asian indices, and mostly steady S&P 500 futures. American markets will be closed today, with notable data releases scheduled for later this week, including the Beige Book on May 29, 2024, GDP and labor market data on May 30, 2024, and the PCE Price Index on May 31, 2024.

Recent reports suggest robust market conditions, driven by increased liquidity resulting from the Federal Reserve's bond purchases starting in June. Bitcoin faces resistance between $69,300 - $69,500, with support at $68,500 - $68,300, likely maintaining this range today. Ethereum has attempted to breach $3,950 twice, reflecting a positive trend despite unsuccessful attempts.

The dominance index continues to decline, indicating a potential altcoin season on the horizon. Signs of its approach include the dominance index moving towards 53-52%, Ethereum consolidating above $4,000, total market capitalization above $2.5 trillion, and market capitalization excluding Bitcoin exceeding $1.2 trillion.

As of now, point 3 (total market capitalization above $2.5 trillion) is fulfilled, and progress is observed for point 1 (dominance index moving towards 53-52%). Achieving point 2 (Ethereum above $4,000) within the next 24 hours could strongly signal the beginning of the altcoin season. #crypto2024 #btc #eth