Macro Overview
- US Prelim GDP q/q : Came in at -0.2% vs expected -0.3%, slightly bearish for the market.
- US Core PCE Price Index m/m: Came in line with expectations, neutral for the market.
Crypto Markets Overview
Top Tokens Update
- Telegram eyes $1.5B bond issuance after $300M Grok deal: Telegram is planning a $1.5 billion bond issuance to raise funds, following its $300 million deal with xAI to integrate the Grok chatbot. The platform will earn 50% of xAI subscription revenues, with the move seen as a boost to Telegram’s financial strength.
- Sui Community Votes to Recover Stolen Cetus Funds: The Sui community approved a governance vote to unlock and recover $162 million in stolen funds from the recent $223 million exploit on Cetus DEX. The funds, blocked by validators, will be transferred to a multisig wallet managed by Cetus, OtterSec, and the Sui Foundation.
“Big Picture: Upcoming Weeks’ Key Economic Events”
| DATE | TIME | EVENT | USUAL EFFECT |
| Jun-3 | 7:30 PM | US JOLTS Job Openings | Actual’ less than ‘Forecast’ is good for crypto |
| Jun-6 | 6:00 PM | US Unemployment Rate | Actual’ greater than ‘Forecast’ is good for crypto |
Bitcoin Technical Analysis
Summary:
- The current sentiment around BTC is Neutral to Bearish.
- Market remained choppy to bearish last week, with an unclear direction currently. In the short term, a small pullback or further chop is expected, though the HTF trend remains bullish.
- Key support levels to consider are around $101,600 and $99,400. On the upside, resistance level is at $106,900 and $110,000.
- 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 endeavours.
Ethereum Technical Analysis
Summary:
- The current sentiment around ETH appears Neutral.
- ETH remained sideways this week with weak price action. The trend is unclear at the moment, and we expect choppy price action in the coming days.
- Significant support levels include $2470 and $2275, while resistance levels to watch are at $2716 and $2821.
- 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.
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