A busy week of US labor market data lies ahead as crypto continues to cool amid increasing macroeconomic headwinds.
Crypto markets remained flat over the weekend following heavy losses last week. Bitcoin and Ether remain weak, with no immediate catalysts to spur a recovery.
Meanwhile, fresh labor market data and updated readings on manufacturing and services activity are on the table this week.
“We also await further details about a potential US-Iran deal, which appears to be dragging on again,” said the Kobeissi Letter.
Economic Events June 1 to 5
May’s ISM Manufacturing PMI report is due on Monday, which will shed light on the US manufacturing sector.
This is followed by April’s JOLTS Job Openings data on Tuesday and May’s ISM Non-Manufacturing PMI data on Wednesday.
Initial Jobless Claims data is on Thursday, and the big May Jobs Report is due on Friday.
The labor market data is keenly eyed as it is one of the Federal Reserve’s two mandates for monetary policy decisions. The outlook is currently mixed, with more-than-expected hiring in April and May, but experts are divided.
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Some economists believe the labor market is rallying after a slow year in 2025, while others claim the growth reflects surging demand for health care workers driven by an aging population rather than economic expansion, according to reports.
The major stock indexes finished a month of gains at record highs last week, buoyed by enthusiasm for tech stocks and dipping oil prices, but crypto remained deep in bear territory.
Crypto Market Outlook
May ended with Bitcoin losing 3.6% following two green months. It made a weekend high of $74,000 but could not advance further and fell back towards $73,000 during Monday morning trading.
The asset has lost 5% over the past week and is moving to the lower bands of its four-month-long range-bound channel.
Ether had lost the $2,000 level again on Monday morning after spending most of the weekend just above it.
“Several meaningful catalysts are converging in June that could prove significant for Bitcoin’s near-term trajectory,” reported 10x Research on Monday.
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Source: https://cryptopotato.com/3-things-that-may-move-bitcoin-price-this-week/
