A Mixed Bag of Economic News
On June 2, the U.S. stock markets put on a dazzling display, rallying sharply despite the May nonfarm payrolls surging by an impressive 339,000—way above the anticipated increase of 190,000. It’s almost like when your grandma tells you she baked just for you, but there’s a whole cake left. And while earnings did lag slightly under expectations, the rise in the unemployment rate did raise a few eyebrows. Talk about mixed signals!
Crypto: Caught in a Range
Despite the cheerful equities markets, the cryptocurrency landscape appeared as lively as a sloth in a hammock. Galaxy Digital’s CEO, Mike Novogratz, spilled the beans in a CNBC interview, pointing fingers at a distinct lack of institutional buying enthusiasm. Apparently, crypto’s just not that into us right now.
Bitcoin’s Rollercoaster Ride
Bitcoin (BTC)—the poster child of crypto—seems to be stuck in a downward lane, trading within a descending channel pattern. As of May 31, it closed lower than the 20-day exponential moving average (EMA) of $27,239. Bulls are eager to take the helm again, trying to push the price back up. But if the bears have their way, we could see a prolonged stay inside this channel. If BTC breaches the crucial support level at $25,250, it might be waving goodbye to bullish vibes.
Altcoin Action: Ether and Friends
Ether (ETH) is not making things easy for itself either. The bulls managed to stall attempts from the bears to pull it back into a falling wedge. Right now, it seems the ETH/USDT pair is feeling optimistic, rebounding above the 20-day EMA of $1,855. If it breaks above $1,927, it could be a whole new ballgame. Buyers would need to keep their eyes peeled, though; one slip of the price below the wedge could mean a cascade of liquidations.
Other Notable Performances
Other cryptos like BNB (BNB), XRP, Cardano (ADA), and Dogecoin (DOGE) are having a bit of an identity crisis too. BNB is stuck in a range, testing both the bulls’ and bears’ patience. Meanwhile, XRP is trying to climb back from a pullback, and ADA is fighting hard to stay above the pivotal support line amidst tug-of-war with sellers. Even Dogecoin managed to retain its support at $0.07, but struggles to get above its 20-day EMA—a tough nut to crack.
+ There are no comments
Add yours