Bitcoin falls below $69,500 pending key US data

Bitcoin falls below $69,500 pending key US data

The main cryptocurrencies remain relatively unchanged on Monday, showing a slight downward trend after the US employment report, released on Friday, will exceed expectations.

U.S. employers added 272,000 jobs in May, more than in April and more than economists expected. The report also showed an increase in the unemployment rate for the second consecutive month. Overall, it indicates continued strength in the labor market, cwith some minor signs of weakening.

The strong labor market has supported consumer spending and the broader economy, but it has also complicated the Federal Reserve’s path forward on interest rates.

Thus, on this day, Bitcoin fell 0.1% to $69,379, while Ethereum experienced a drop of 0.5% to $3,668. Other major tokens such as BNB, Solana, Dogecoin, Shiba Inu, and Chainlink are also trading lower, while XRP, Tron, Kaspa, and Pepe are posting gains.

On Wednesday, the Fed could announce its latest monetary policy meeting that returns interest rates to their current levels, although the interest is in what President Jerome Powell may say at the subsequent press conference. Likewise, on that same day the inflation data for May in the United States was published, that could continue to tip the balance towards one side or the other.

Bitcoin: what data the market analyzes

The volume of all stablecoins is now $46.4 billion, representing 92.6% of the total 24-hour cryptocurrency market volume, according to CoinMarketCap.

In the last 24 hours, the market capitalization of Bitcoin, the world’s largest cryptocurrency, fell to $1.368 trillion. Bitcoin dominance is currently 54.11%, according to CoinMarketCap. BTC volume in the last 24 hours increased by 16.1% to $15 billion.

Bitcoin price has fallen from its intra-week high of around $72,000, but the bulls are struggling to hold support above $67,000. The cryptocurrency is set to close the week with modest gains of just over 2%. Despite failing to break overhead resistance, buying interest has remained constant. Investor data reveals around $1.7 billion in inflows into spot Bitcoin exchange-traded funds (ETFs) this week, bringing the total investment in these ETFs to $15.5 billion as of June 6. This strong buying activity indicates that traders expect the uptrend to persist.

After correcting nearly 23%, Bitcoin fell from its all-time high of $73,777 to $56,552. The lower shadow around the crucial support level of $56,000 indicated buying from these levels and prices recovered to $71,979. BTC is struggling to sustain itself and close weekly above $70,000 and continues to trade in a wide range between $72,000 and $67,000 with decreasing volumes. Breakouts on either side of the range will further decide the trend of the asset.

Source: Ambito

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