On Wednesday (31/05), the U.S. Bureau released JOLTs Job Openings report for April. The report indicated that the number of vacancies increased to 10.1 million. Analysts expected that the Job Openings rate would decline to 9.38 million, so the results exceeded analyst expectations.
Despite the significant increase in job opening rate, the unemployment rate has rose to 3.7% in May. While the current unemployment rate increase marks the highest rate since October 2022, the current percentage are still close to the lowest level since 1969.
Because the job market is one of the primary catalysts monitored by the Fed, the JOLTs might have a substantial impact on Fed policy. According to the FedWatch, there is 69% probability of a 25 bps rate hike at the upcoming FOMC meeting in 14 June 2023.
Over the past seven days, Bitcoin (BTC) price has been volatile. There is a selling pressure at the beginning of this week due to the long impact of post-debt ceiling announcement and increase a bit after the U.S. JOLTs report at the end of this week.
Daily market structure of Bitcoin (BTC) is displaying a pattern of forming lower highs. This indicates a potential shift in sentiment and a weakening of bullish momentum.
Based on the current analysis, it is shows that BTC's price will experience a sideways movement throughout the upcoming week.
Traders might encounter a range-bound market environment, where the price fluctuates within a relatively narrow range.
The projected price range for Bitcoin during this period is estimated to be between $27,500 and $26,700. It is important to note that this range serves as potential support and resistance levels, where the price could encounter significant buying or selling pressure.
There are indications of a potential double top pattern formation. This pattern often suggests a reversal in the price trend, signaling a shift from bullish to bearish sentiment. It is important to note that the downside potential for ETH appears to be greater than that of Bitcoin. This implies that Ethereum may experience more significant price declines in the near term.
Should the key support level at $1,850 be broken, it would likely open the door for further downward movement. The next notable support level for ETH is projected to be around $1,750.
This material is for general information and is not investment advice, a recommendation, or solicitation to buy and sell any cryptocurrencies, digital assets, securities or derivative instruments, or to make any investments. Mobee is under no obligation to update this report based on information and events that occurred after this report was created and published. Any suggestions or recommendations in this report may not be appropriate for certain users.