Bitcoin
Six things to watch this week as Bitcoin price moves towards $69K
This is the last week of employment data before the Federal Reserve meeting begins on June 12.
Investors will examine several economic reports that will be incorporated into the Fed’s future policy considerations. Friday’s crucial labor market reports will be worth paying attention to.
Crypto markets spent the weekend with very little movement in either direction for most digital assets.
Economic Events from June 3rd to 7th
On Monday we will look at the ISM Manufacturing PMI (Purchasing Managers Index) report for May, which shows business conditions in the US manufacturing sector.
This data is considered a reliable leading indicator for assessing the state of the US economy and can be used to help anticipate changing economic trends.
The services sector can be considered more important, as it contributes more than 70% of the US GDP. On Wednesday, the ISM services PMI for May will be released, which will also serve as a leading indicator of changing economic conditions.
Friday’s payroll and unemployment reports from the Department of Labor’s Bureau of Labor Statistics provide the number of new jobs created during the previous month, along with the percentage of active job seekers.
These are the most significant reports of the week as policymakers follow these numbers that are strongly associated with the overall health of the economy. The Fed also pays close attention to changes in the labor market when determining its policy decisions.
“It will be crucial to see if the US job market continues to cool,” commented Global macro investor before adding:
“Wall Street analysts expect 180,000 new jobs to be created and the unemployment rate to remain at 3.9%. Meanwhile, revised US labor market data already points to a recession.”
Crypto Market Outlook
This week’s economic and employment reports are unlikely to have much of an impact on crypto markets, which are more heavily affected by CPI inflation reports.
The total market capitalization has not changed much in recent days and remains at $2.68 trillion.
However, Bitcoin prices began to rise during Asian trading on Monday morning, adding 1.4% on the day to reach $68,619 at the time of writing. It has remained tightly ranged since failing to surpass $70,000 again in late May.
Ethereum recovered small losses to return to $3,800 and altcoins were largely flat except for Toncoin, which is up 10% in the last 24 hours.