Macro Overview
- US GDP Quarterly Report: The US economy grew at a slower pace in the first quarter, slightly below the previous quarter’s rate. This announcement is considered neutral to positive for the crypto space, with the market seeing a small uptick following the news.
- US Weekly Unemployment Claims Meet Expectations: Weekly US unemployment claims aligned with expectations, having a neutral impact on the crypto market.
Top Tokens Update
- Upcoming Token UnlocksHere are the significant token unlocks happening this week:1. Optimism (OP)
– Unlock Date: May 31
– Number of Tokens Unlocked: 31.34 million OP ($79.9 million)
– Current Circulating Supply: 1.08 billion OP2. 1inch (1INCH)
– Unlock Date: June 1
– Number of Tokens Unlocked: 98.7 million 1INCH ($42.4 million)
– Current Circulating Supply: 1.15 billion 1INCH3. dYdX (DYDX)
– Unlock Date: June 1
– Number of Tokens Unlocked: 33.33 million DYDX ($69.6 million)
– Current Circulating Supply: 279.8 million DYDX4. Sui (SUI)
– Unlock Date: June 1
– Number of Tokens Unlocked: 65.08 million SUI ($69 million)
– Current Circulating Supply: 2.33 billion SUI5. Ethena (ENA)
– Unlock Date: June 1
– Number of Tokens Unlocked: 53.6 million ENA ($48.9 million)
– Current Circulating Supply: 1.47 billion ENASource: token.unlocks.app
These unlocks can potentially impact the market as a large influx of tokens might affect their prices and liquidity.
- Chainlink (LINK) Surges on ETH ETF Approval and Growing Momentum: Chainlink (LINK) has surged, becoming Monday’s top performer among large-cap cryptocurrencies. The price increase follows the approval of an ETH ETF and excitement surrounding Chainlink’s co-presentation with Swift at the Consensys conference in Austin, Texas.Recent developments include Chainlink’s integration across nine blockchains such as Ethereum and Polygon. Additionally, the DTCC’s successful tokenization pilot with Chainlink, JP Morgan, and BNY Mellon has further boosted market confidence in Chainlink’s cross-chain interoperability protocol.
“Big Picture: Upcoming Weeks’ Key Economic Events”
| DATE | TIME | EVENT | USUAL EFFECT |
| June 04 | 7:30 PM | US Job Openings (Monthly) | Actual’ less than ‘Forecast’ is good for crypto |
| June 06 | 6:00 PM | US Unemployment Claims (Weekly) | Actual’ greater than ‘Forecast’ is good for crypto |
| June 07 | 6:00 PM | US Unemployment Rate (Monthly) | Actual’ greater than ‘Forecast’ is good for crypto |
Bitcoin Technical Analysis
Summary:
- The current sentiment around BTC is neutral to bullish.
- This week, BTC remained range-bound as discussed in our last weekly report. Currently, BTC is maintaining its position above the 20 EMA on the daily chart, which implies bullishness in the higher time frame. However, the lower time frame still looks neutral, suggesting a few more days of consolidation before a possible upside move.
Technicals are positive, with net positive ETF flows and normal funding rates. Overall, macro factors are also neutral to positive, supporting a favorable outlook for BTC. - Key support levels to consider are around $67,000, $64,600 ,and $60,800. On the upside, resistance levels is at $71,200 , $72,350, & $73,500.
- It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
- For profit-taking, strategically selling near the outlined resistance levels/support levels is a recommended approach. Always exercise caution and implement sound risk management practices in trading endeavors.
Ethereum Technical Analysis
Summary:
- The current sentiment around ETH appears neutral to bullish.
- This week, ETH also slowed down and remained neutral, as suggested in our last weekly report. This comes after a significant 25% move in ETH. In the higher time frame, the trend remains highly bullish for ETH. In the lower time frame, it is consolidating, which is healthy and likely to continue for a few more days before resuming its upside.
- Technically, the ETH/BTC pair needs to break out of the downtrend channel, which could give ETH more strength and lead to it outperforming BTC. Indicators are neutral to positive for ETH, supporting this outlook.
- Significant support levels include $3650 and $3490, while resistance levels to watch are at $3950 and $4080.
- These levels play a crucial role in determining potential price movements. It is advisable to evaluate potential entry points around the mentioned support levels for long entries and at resistance levels for short entries. Additionally, setting limits to manage potential losses is prudent.
Disclaimer: “The information, advise and/or views provided on this page are that of the author or company and are for informational purposes only. The Platform does not intend to: (i) an offer, or solicitation of an offer, to invest in, or to buy or sell, any interests or shares, or to participate in any investment or trading strategy, or (ii) to provide accounting, legal, or tax advice, or investment recommendations, or (iii) make any representation of any kind, express or implied, on accuracy, availability, reliability or completeness of the same. Note Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. AT NO TIME WILL THE PLATFORM BE LIABLE FOR YOUR USE OR RELIANCE OF THE SAID INFORMATION, ADVISE AND/OR VIEW WHICH IS SOLELY AT YOUR OWN RISK.”
