Our experts analyzed the market situation and told us how it might change this week for Bitcoin
In the period from May 27 to June 2, bitcoin demonstrated increased volatility on the background of several important events. The market was reacting to the beginning of payments to creditors of Mt. Gox exchange, which went bankrupt in 2014. And investments in bitcoin by Semler Scientific Corporation, a request from the U.S. Securities and Exchange Commission (SEC) to change applications for spot ETFs based on Ethereum. As well as on US statistical data. Which influence expectations regarding the Federal Reserve's monetary policy. The bitcoin price fluctuated in a wide range, ending last week around the $67,600 mark.
On June 2, Bitconi was trading at $67,644 after a 9-day consolidation near $68k. BitRiver estimates the most important price levels for the week: top at $70,687, support at $66,500 (trending from $56,552). The price traded in a wide weekly range of $66,670 - $70,687.
On cycles, the price consolidation phase from the top of $73,777, which lasts 79 days, has ended. The market is ready to renew the historical maximum. According to seasonal cycles, a favorable 1.5-month period for growth is expected from June 2.
Important events are expected in the US this week that will have a major impact on the dollar and risk assets
This week's important events:
June 3: ISM manufacturing index
June 4: manufacturing orders data
June 5: ADP employment report and ISM services index
June 6: weekly unemployment and trade balance data
June 7: non-farm payrolls and unemployment rate (NFP) data
Traditionally, financial markets do not show a wide amplitude of movement with the onset of the summer period. Historically, May and June have not been the most successful months for trading. And June is not statistically the most successful month for Bitcoin at all
As mentioned earlier, June is not the most active and profitable month for bitcoin. But based on liquidity gathering (stops and liquidations of players in the futures market) at $66,100 - $70,100. And other areas are not interesting for liquidity gathering players in the midnight. $BTC
