Crypto markets remained stagnant over the weekend, following significant losses last week. Bitcoin and Ether continue to struggle, lacking any immediate factors to trigger a recovery.
Economic Data in Focus
This week, investors will be closely watching new labor market data and updated figures on manufacturing and services activity.
“We also await further details about a potential US-Iran deal, which appears to be dragging on again,” stated The Kobeissi Letter.
The May ISM Manufacturing PMI report, due on Monday, will provide insights into the US manufacturing sector. This will be followed by April’s JOLTS Job Openings data on Tuesday and the May ISM Non-Manufacturing PMI data on Wednesday. Initial Jobless Claims data is scheduled for Thursday, and the crucial May Jobs Report will be released on Friday.
The labor market data is particularly important, as it is one of the Federal Reserve’s two mandates for monetary policy decisions. The outlook is currently mixed, with hiring exceeding expectations in April and May, though experts hold differing views. Some economists believe the labor market is strengthening after a slow year in 2025, while others suggest the growth reflects increased demand for healthcare workers due to an aging population, rather than broader economic expansion.
Key Events This Week:
- May ISM Manufacturing PMI data – Monday
- April JOLTS Job Openings data – Tuesday
- May ISM Non-Manufacturing PMI data – Wednesday
- Initial Jobless Claims data – Thursday
- May Jobs Report – Friday
- Total of 7 Fed Speaker Events This Week…
The major stock indexes concluded a month of gains at record highs last week, fueled by enthusiasm for tech stocks and declining oil prices, while the crypto market remained in a bearish trend.
Bitcoin ended May with a 3.6% loss, following two months of gains. It reached a weekend high of $74,000 but failed to sustain the momentum, falling back towards $73,000 during Monday morning trading. The asset has lost 5% over the past week and is approaching the lower end of its four-month-long range-bound channel.
Ether fell below the $2,000 level again on Monday morning after trading just above it for most of the weekend.
“Several meaningful catalysts are converging in June that could prove significant for Bitcoin’s near-term trajectory,” reported 10x Research on Monday. “The headwinds are real and visible: ETF outflows, stablecoin contraction, and trading volumes at historic lows all point to near-zero conviction, but that is precisely the environment we anticipated for a major cycle bottom.”
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