The market looked soft into the end of the month as Bitcoin continues to trade around $73K, facing pressure from risk-off sentiment. Meanwhile, Ethereum has remained stuck around $2,000.
Macro uncertainty prevails as investors continue to flag geopolitical tensions, trade disruption, and fragile bond markets as key sources of volatility.
CoinMarketCap’s Crypto Fear and Greed Index remains stable at 35, compared to last week at 40.
What Traders Should Watch Out for This Week
The market this week is focusing on whether Bitcoin can reclaim the mid-$73k zone.
Regarding major US data, the focus for this week is the U.S. labor market, especially the Friday Nonfarm Payrolls report, unemployment rate, and average hourly earnings, which could move Treasury yields and the U.S. dollar. Moreover, ISM Manufacturing data and the Prices Paid component also matter as they could hint at further inflation pressure or lack of it.
The overall market revealed cautious to bearish sentiment, as traders are hoping for Bitcoin to regain higher support and for ETF flows to improve.
Here are the major economic indicators to watch out for this week:
- June 1: US manufacturing PMI and construction spending
- June 2: Job openings & labor turnover survey
- June 3: ADP national employment report, US services PMI, ISM report on business services PMI, global services PMI
- June 4: Weekly jobless claims
- June 5: Employment report, unemployment rate, average hourly earnings, Y/Y%, consumer credit
