The crypto market has been steady for the past two weeks, moving between $109,000 and $104,000 after reaching a new all-time high of $111,980. Even though Bitcoin had an 11% jump last month, the market is taking a break for now.
As the new month begins, investors are turning their focus to important US economic reports that could affect the crypto market.
Let’s see what these reports are!
Today, June 2, all eyes are on Jerome Powell, the head of the US Federal Reserve. He’ll speak in Washington at 1 pm, sharing his thoughts on how the economy is doing and what the Fed might do next with interest rates.
His speech will likely influence market sentiment and could give clues on what lies ahead for Bitcoin.
On June 3, the latest Job Openings and Labor Turnover Survey (JOLTS) for April will be released. In March, job openings fell to 7.192 million, the lowest since September 2024.
This came before the new tariffs announced by President Trump. Experts think these policies have slowed down hiring. If job openings keep falling, the Fed might consider lowering interest rates, which could boost Bitcoin.
Wednesday, June 4, will bring the ADP Non-Farm Employment report for May. In April, private companies added only 62,000 jobs, down sharply from 147,000 in March. Economists now expect 112,000 new jobs in May.
If the figure falls short, it might show that the economy is slowing, which could boost Bitcoin as an alternative to the dollar.
Thursday, June 5, brings the weekly jobless claims report. For the week ending May 24, claims rose to 240,000, up from 226,000. This was the highest since November 2021, showing signs of a softer labor market.
Renowned economists expect 232,000 claims for the week ending May 31. More claims could mean the Fed will try to support the economy, which might be good for Bitcoin.
Finally, June 6 will bring the Non-Farm Payrolls report and the unemployment rate. In April, 177,000 new jobs were added, keeping the unemployment rate steady at 4.2%. Economists now expect 130,000 new jobs in May.
If job growth slows because of the tariffs, the Fed might change its approach. A weaker dollar could push investors towards Bitcoin as a safe place to put their money.
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