Bitcoin continues to fall back below $27,000 following its rally over the weekend.
BTC Price Chart – 1 hour | Source: TradingView
US stocks rallied on Thursday (June 1), after the US House of Representatives passed a debt ceiling bill and the bill was then moved to the Senate for discussion.
The Dow Jones Industrial Average ended Thursday's trading session up 153.3 points, or 0.47%, to 33,061.6, despite a 4.7% drop in Salesforce shares after the company reported business results. The S&P 500 gained 0.99% to 4,221 points, while the Nasdaq Composite added 1.28% to 13,101. Both the S&P 500 and Nasdaq Composite closed at their highest levels since August 2022.
The Financial Responsibility Act passed by a vote of 314-117 to bipartisan support Wednesday night (May 31). The majority leader in the Senate, Chuck Schumer, said the Senate will continue to meet until the bill is sent to US President, Joe Biden.
In addition to the debt ceiling battle, investors are waiting for the policy meeting of the US Federal Reserve (Fed) on June 13-14. Philadelphia Fed President Patrick Harker said on Thursday that the central bank is close to a point where it can stop raising rates. However, Harker said earlier in the week that the June 2 jobs report could change the way he will vote at the upcoming meeting.
Data from ADP showed that the US private sector created more jobs than economists forecast in May, while the number of Americans filing for unemployment benefits last week was lower. compared to forecast. The labor market is a closely watched area of the economy, on concerns that its durability could prompt the Fed to raise rates again at its policy meeting this month.
The Nasdaq Composite has rallied nearly 1% so far this week, aiming for a sixth straight week of gains, its longest streak of gains since January 2020. The S&P 500 is up 0.4 percent, while the Dow Jones is down 0.1% week to date.
Meanwhile, gold prices rose to their highest in more than a week on Thursday (June 1), as the dollar fell after dismal US economic data.
Closing the session, the spot gold contract rose 0.76% to $1,977.2 an ounce, after touching $1,981.1 an ounce earlier, its highest level since May 24. Gold futures added 0.65% to $1,994.9 an ounce.
Oil prices rose by the most in two weeks on Thursday (June 1), ahead of the OPEC+ meeting on June 4, while the US House of Representatives passed a debt ceiling bill that helped outweigh the impact of the coronavirus. increased energy reserves in this country.
At the end of the session, the WTI oil contract increased by 2.01 USD (or 3%) to 70.1 USD per barrel, marking the strongest increase since May 5. The Brent crude contract added $1.68, or 2.3%, to $74.65 a barrel, also recording its biggest gain since May 17.
Data from TradingView confirmed BTC ended May in the red, sliding below $27,000.
The trading pair erased all gains over the weekend, returning to familiar range action just below $27,000.
CME Bitcoin futures 1-hour candlestick chart | Source: TradingView
However, BTC/USD has “filled” the gap in CME futures after the rally over the weekend.
“When these gaps fill, the bottom is usually near,” trader Jelle wrote in a comment section.
An additional post argues that BTC price action will soon surpass $30,000 as the market completes a “bearish wedge” pattern with waning volatility.
Despite the gap being filled, trader Daan Crypto Trades still doesn't want to take the risk until BTC has a clearer direction.
“Confluence at $26,750 area with CME gap as well as Golden Pocket above Fibonacci retracement. We will have to wait and XEM how the price reacts when the market returns to this area.”
BTC/USD chart with caption | Source: Daan Crypto Trades
Analyst Skew also sees some positive signals from order books and trader activity.
“The gap has been filled, although the market looks pretty weak. To return to the upside BTC price needs to surpass $27,400 and $27,200.”
Bitcoin ended May with a 7% drop. The largest cryptocurrency in the market lost more than 5.5% in Q2, contrasting with a gain of more than 70% in Q1.
Bitcoin Monthly Profit Chart | Source: CoinGlass
DecenTrader sees little reason to expect an abrupt trend change.
Warning of “bearish” or “decline” signals on proprietary trading instruments, DecenTrader has marked downside support levels tied to key moving averages (MAs) at $26,250 , $26,000 and $23,035 are the 200-week, 20-week, and 200-day MAs, respectively.
The Altcoin market is down slightly as BTC remains in a range below $27,000.
Projects such as Gate Token (GT), The Graph (GRT), Sui (SUI), SingularityNET (AGIX), XDC Network (XDC), KAVA (KAVA), Toncoin (TON), ApeCoin (Ape), Neo (NEO) ), Shiba Inu (SHIB)… all recorded a drop of 3-8% in just the past 24 hours.
Source: Coinmarketcap
Ethereum (ETH) also continued to record a bit of an intraday performance, after failing to successfully reclaim the $1,900 region, ETH continued to turn around to establish a local bottom at $1,840 before surging slightly around. $1,867 at the moment.
ETH price chart – 1 hour | Source: TradingView
The column “Coin Price today” will be updated at 9:00 daily with general market news, readers are welcome to follow.
