BTC Remains in a Sideways Trend: Over the past two weeks, the price has ranged from $104,000 to $109,000 after hitting a new high of $111,980. May’s 11% gain has yet to see further continuation.
As the new month begins, investors are closely watching U.S. economic data, which could set the tone for the market in the coming days.
🌟June 2: Fed Chair Jerome Powell’s Speech
Today, June 2, all eyes are on Washington. Federal Reserve Chair Jerome Powell is scheduled to speak at 1:00 PM local time. He will provide insights into the state of the economy and possible actions on interest rates.
His remarks could significantly impact BTC’s short-term direction any hints of policy easing might trigger a rally.
🌟June 3: U.S. Labor Market Report (JOLTS)
Tomorrow, June 3, the latest Job Openings and Labor Turnover Survey (JOLTS) report for April will be released. In March, the number of job openings dropped to 7.192 million, the lowest since September 2024.
This decline occurred before Trump announced new tariffs. Analysts believe the tough trade policy is already affecting the labor market. If the trend continues, the Fed may consider rate cuts.
🌟June 4: ADP Private Sector Employment Report
On Wednesday, the ADP report for May will show private sector job creation. In April, only 62,000 jobs were added significantly down from 147,000 in March. The current market expectation is 112,000 new jobs.
If the actual number falls short, expectations for Fed easing could grow. Against this backdrop, interest in Bitcoin as a hedge asset may rise.
🌟June 5: Initial Jobless Claims
On Thursday, new data on unemployment benefit claims will be released. For the week ending May 24, claims rose to 240,000 the highest level since November 2021.
For the previous week, analysts expect 232,000 new claims. If the actual figure comes in higher, it would be another signal of a cooling labor market. In such a scenario, the Fed may move to support the economy potentially a positive development for Bitcoin.
🌟June 6: Non-Farm Payrolls and Unemployment Rate
On Friday, the May employment report and unemployment rate will be published. In April, 177,000 jobs were created, and the unemployment rate held steady at 4.2%. The forecast for May is 130,000 new jobs.
If job growth slows due to the impact of tariffs, the Fed may reconsider its policy stance. In this context, a weakening dollar could make Bitcoin more attractive to investors.