Crypto markets stayed flat over the weekend, unable to shake off last week's heavy losses. Bitcoin and Ether remain weak, with traders pointing to a lack of near-term catalysts as the sector waits on a slate of U.S. economic data due this week.
Macro data takes center stage
This week is packed with releases that could move risk assets. Monday brings the May ISM Manufacturing PMI, followed by April JOLTS job openings on Tuesday. Wednesday sees the ISM Non-Manufacturing PMI, Thursday has initial jobless claims, and Friday caps it off with the May jobs report. The Kobeissi Letter noted that a potential US-Iran deal appears to be dragging on, adding another layer of uncertainty.
Major stock indexes finished May at record highs, buoyed by tech stocks and dipping oil prices. Crypto, by contrast, stayed in bear territory. Bitcoin lost 3.6% in May after two green months. Over the past week it fell 5%, dropping into the lower bands of its four-month range.
Bitcoin's range tightens
Bitcoin hit a weekend high of $74,000 but quickly fell back to around $73,000. The move lower continues a trend of declining momentum. The asset has been stuck in a narrowing range since March, and each bounce has been weaker than the last.
Ether slips below $2,000 again
Ether lost the $2,000 level again on Monday morning after spending most of the weekend just above it. The second-largest crypto has struggled to hold that psychological threshold, and the repeated failure to reclaim it is weighing on sentiment.
Cycle bottom signals?
10x Research reported that several meaningful catalysts are converging for Bitcoin's near-term trajectory in June. But headwinds remain: ETF outflows, stablecoin contraction, and trading volumes at historic lows. The firm sees that combination as consistent with a major cycle bottom. The labor market outlook is also mixed — some economists see hiring rallying after a slow 2025, while others attribute growth to surging demand for health care workers rather than broad expansion.
Friday's jobs report could be the first real test for crypto this month. If the data comes in hot, it might delay rate cuts — bad for risk assets. A miss could give Bitcoin a reason to break out of its rut. For now, the market is waiting.
