Six Things to Watch This Week as Bitcoin’s Price Inches Toward $69K

This is the last week of jobs data before the Federal Reserve meeting begins on June 12.

Investors will examine several economic reports that will feed into the Federal Reserve's future policy considerations. Friday's crucial labor market reports will be worth watching.

Crypto markets have spent the weekend with very little movement either way for most digital assets.

Economic events from June 3 to 7

The ISM manufacturing PMI (Purchasing Managers' Index) report for May will be released on Monday, showing business conditions in the US manufacturing sector.

This data is considered a reliable leading indicator for assessing the state of the U.S. economy and can be used to help anticipate changing economic trends.

The service sector can be considered more important since it contributes more than 70% of the United States GDP. The May ISM Services PMI will be released on Wednesday, which will also serve as a leading indicator of changes in economic conditions.

This week's key events:

1. ISM Manufacturing PMI data – Monday

2. JOLT Job Openings Data: Tuesday

3. ADP Nonfarm Employment Data – Wednesday

4. ISM Non-Manufacturing PMI Data – Wednesday

5. S&P Global Services PMI data for May – Wednesday

6. May employment report – Friday

That's all…

— Kobeissi's letter (@KobeissiLetter) June 2, 2024

Friday's payroll and unemployment reports from the Department of Labor's Bureau of Labor Statistics provide the number of new jobs created during the previous month, along with the percentage of active job seekers.

These are the most important reports of the week as policymakers follow these numbers that are strongly associated with the overall health of the economy. The Federal Reserve also pays close attention to changes in the labor market when determining its policy decisions.

"It will be key to see if the US labor market continues to cool." commented Global Macro Investor before adding:

“Wall Street analysts expect 180,000 new jobs to be added and the unemployment rate to remain at 3.9%. Meanwhile, revised US labor market data already points to a recession.”

Crypto Market Outlook

This week's economic and jobs reports are unlikely to have much of an impact on crypto markets, which are more very affected by the CPI inflation reports.

The total market capitalization has not moved much in recent days and remains at $2.68 trillion.

However, Bitcoin prices began to rise during the Asian trading session on Monday morning, adding 1.4% on the day to reach $68,619 at the time of writing. It has remained closely rangebound since failing to break above $70,000 again in late May.

Ethereum had recovered minor losses to return to $3,800 and altcoins were mostly stable except Toncoin which added 10% in the last 24 hours.