Bitcoin (BTC) held above $37,000 on Friday and was up about 3% over the past 24 hours. Meanwhile, some alternative cryptocurrencies began to stabilize after a volatile week.
Analysts were also looking for signs of a possible bounce in equity markets, which could encourage crypto buying. So far, some traders appear to be on the sidelines in both traditional and crypto markets. The S&P 500 is roughly flat over the past week, compared with a 1% gain in BTC and a 3% drop in ETH over the same period.
“Investors continue to withdraw from U.S. stocks amid the expected tightening of the US Federal Reserve’s monetary policy,” Alex Kuptsikevich, an analyst at FxPro, wrote in an email to CoinDesk. “If selling continues, more investors could start to reduce their positions on risky assets, and cryptocurrencies may be hit first, according to Kuptsikevich. That means a short-term price bounce could be limited.”
Further, given macroeconomic headwinds, some analysts are concerned about a coming “[crypto winter](https://www.coindesk.com/learn/is-a