Cryptocurrency markets showed little movement over the weekend, continuing a weak trend from heavy losses the prior week. Bitcoin and Ethereum remain under pressure with no immediate recovery drivers. Market attention shifts to a full slate of U.S. economic data this week, including key labor market reports that influence Federal Reserve policy. Analysts also note a lack of conviction in crypto markets, citing exchange-traded fund outflows and low trading volumes.
Crypto markets remained flat over the weekend following last week’s heavy losses. Bitcoin and Ether showed weakness with no immediate catalysts for a recovery.
Fresh U.S. labor market data and readings on manufacturing and services activity are scheduled this week. Analysts also await further details about a potential U.S.–Iran deal, “which appears to be dragging on again,” stated The Kobeissi Letter.
The week’s economic calendar includes May’s ISM Manufacturing PMI on Monday and April’s JOLTS Job Openings on Tuesday. May’s ISM Non-Manufacturing PMI follows on Wednesday, with Initial Jobless Claims on Thursday and the May Jobs Report on Friday.
This labor data is keenly watched as it informs Federal Reserve policy decisions. The outlook is mixed, with strong hiring in April and May, but experts are divided on its meaning according to reports.
Bitcoin ended May with a 3.6% loss after two positive months. It reached a weekend high near $74,000 but fell back toward $73,000 in Monday trading, having lost 5% over the past week.
Ether fell back below $2,000 on Monday after holding just above it over the weekend. “Several meaningful catalysts are converging in June that could prove significant for Bitcoin’s near-term trajectory,” reported 10x Research.
The firm noted visible headwinds including ETF outflows, stablecoin contraction, and historically low trading volumes. It described this as the anticipated environment for a major cycle bottom.
