The United States equities markets experienced strong rallies following the debt ceiling deal and May nonfarm payrolls data on June 2. The S&P 500 rose by 1.8%, while the tech-heavy Nasdaq increased by 2%. This marks the sixth consecutive week of gains for the Nasdaq, the first time since January 2020. Additionally, the expectation of the Federal Reserve remaining in pause mode during the next meeting may have acted as a catalyst for the rally. CME’s FedWatch Tool indicates a 75% probability of a pause, with the remaining 25% expecting a 25 basis points hike in the June 14 meeting.
While the equities markets experienced rallies, the same cannot be said for Bitcoin (BTC) and the altcoins. Several major cryptocurrencies have ceased falling and are trying to start a recovery. Changes in the Bitcoin price analysis suggest that if the bulls maintain the momentum and surmount the respective overhead resistance levels, the top five cryptocurrencies that may lead the rally are: Bitcoin, Cardano, Quant, Render Token, and Rocket Pool. This article is not intended as investment advice and only serves to provide general information.