Galaxy CEO: Bitcoin's market value is still far behind gold, and the price may be between $130,00 and $150,00 in the next stage

According to DL News, the Texas House of Representatives Committee passed the Bitcoin Reserve Act and will submit it to the plenary session for a vote.

Next Monday, U.S. stocks will open with Moody's downgrade of the U.S. rating, which may set off a "bloodbath."

As China and the United States reached an important consensus on the trade agreement at the beginning of this week, market risk appetite began to recover, and Wall Street's major stock indexes ended the week on a positive note. The S&P 500 is expected to rise for the fifth consecutive trading day. The three major U.S. stock indexes all closed higher on a weekly basis. The S&P 500 recovered all its losses this year and is only about 4% lower than its historical high.

However, the rebound of the U.S. stock market may end next week. As of Friday's close, the S&P 500 had risen about 18% from its 2024 low in March. A nearly 20% rebound from the lows is a strong signal of a bull market, but it is also a common level where the market stalls and begins to consolidate its gains.

The technical factor that will be closely watched next week is whether the S&P 500 can close above its 50-day moving average. If it can, it will be the first time this year that the S&P 500 has closed above this key technical level. A close above the 50-day moving average could open the door for further gains in the S&P 500.

In addition to the technical factors, investors will also be keeping an eye on U.S. economic data next week. The main highlight will be the initial reading of the U.S. PMI for May, which is expected to show that activity in the manufacturing and services sectors slowed slightly last month.

Traders will be watching the initial U.S. PMI for May, but they may also be watching speeches by several Fed officials as they may wonder whether the Fed continues to worry about economic growth or is more concerned about the inflation outlook after finding some common ground in the U.S. A rise in the PMI could indicate improved business sentiment following the U.S.-China deal, but investors may want to hear some clarity on how the Fed plans its next move.

Finally, Moody's downgrade of the U.S. credit rating to Aaa from Aaa is sure to spark some reaction in the markets, especially as it comes at a time when the Fed is expected to keep interest rates higher for longer. The rating downgrade could put pressure on the dollar and set the stage for a "bloodbath" when the market opens next Monday.

Key U.S. data to be released next week:

Monday, May 20: None scheduled

Tuesday, May 21: May U.S. Bovis P PMI, May U.S. P PMI, and speeches by several Fed officials

Wednesday, May 22: April U.S. durable goods orders m/m, May U.S. PMI final, and speech by several Fed officials

Thursday, May 23: May U.S. GDP p.q, May U.S. jobless claims, and speech by several Fed officials

Friday, May 24: May U.S. PCE p.q, May U.S. core PCE p.q, May U.S. consumer sentiment final, and speech by several Fed officials

As of Friday's close, Dow futures were trading at 34,110, S&P 500 futures were trading at 4,308, and Nasdaq-100 futures were trading at 15,338.