Bitcoin and Crypto Market Rebounds Ahead of U.S. Jobs Data

Bitcoin (BTC) and the cryptocurrency market rebounded from previous lows, driven by monero (XMR), XRP, and SUI ahead of the U.S. nonfarm payrolls report, indicating potential hiring slowdowns.

• Analysts suggest weak economic data could help BTC maintain upward momentum.
• Concerns arise from a public dispute between President Trump and Elon Musk affecting investor confidence, causing $830 million in liquidations among leveraged traders.
• Circle’s shares surged 168% on their NYSE debut, closing at $83.23 with a market cap of $18.5 billion.
• CME bitcoin futures saw an all-time high in large open interest holders, indicating increased institutional participation.
• Uber is exploring the use of stablecoins for payments.

Upcoming Events

• Sia (SC) to activate Phase 1 of its V2 hard fork on June 6.
• U.S. SEC Crypto Task Force roundtable on DeFi scheduled for June 9.
• U.S. House hearing on crypto market structure bill on June 10.
• Stratis (STRAX) mainnet hard fork activation on June 11.
• Brazil’s B3 exchange to launch USD-settled ether and solana futures on June 16.

Market Movements

• BTC rose 3.14% to $103,738.42.
• ETH remained stable at $2,607.45.
• DXY increased by 0.22% to 98.96.

Technical Analysis

• XRP's price shows a falling wedge pattern, indicating weakening selling pressure.
• A breakout may signal a bullish reversal.

Crypto Equities

• Circle (CRCL) closed at $83.23, up 168.48%.
• Coinbase Global (COIN) closed at $244.20, down 4.61%.

ETF Flows

• Spot BTC ETFs reported -$278.4 million in daily net flows.
• Spot ETH ETFs reported $11.3 million in daily net flows.

Derivatives Positioning

• Perpetual funding rates for BTC have turned slightly negative.
• Ether funding rates remain mildly positive.

Token Unlocks

• Aptos (APT) will unlock 1.79% of its supply worth $52.25 million on June 12.
• Immutable (IMX) to unlock 1.33% on June 13.