Crypto markets remained largely flat over the weekend after suffering steep losses last week. Bitcoin and Ether are showing weakness, and there are no clear catalysts in the immediate future to drive a sustained recovery.
Investors will instead be watching a slate of economic reports this week, including fresh labor market data and updated readings on manufacturing and services activity.
“We also await further details about a potential US-Iran deal, which appears to be dragging on again,” wrote the Kobeissi Letter.
Economic Events June 1 to 5
The week begins with May’s ISM Manufacturing PMI on Monday, which will provide insight into the condition of the U.S. manufacturing sector.
On Tuesday, April’s JOLTS Job Openings report will be published, followed by May’s ISM Non-Manufacturing PMI on Wednesday.
Initial Jobless Claims are scheduled for Thursday, and the major release of the week — the May jobs report — is due on Friday.
Labor market data is being watched closely because employment trends are one of the Federal Reserve’s two mandates for setting monetary policy. The current signals are mixed: hiring surprised to the upside in April and May, but economists disagree on the underlying drivers.
Some analysts argue the labor market is staging a broader rebound after a slow 2025, while others contend the recent gains reflect rising demand for health care and related services as the population ages rather than broad economic expansion, according to published reports.
Key Events This Week:
1. May ISM Manufacturing PMI — Monday
2. April JOLTS Job Openings — Tuesday
3. May ISM Non-Manufacturing PMI — Wednesday
4. Initial Jobless Claims — Thursday
5. May Jobs Report — Friday
6. A total of seven Fed speaker appearances scheduled this week
The major stock indexes ended the month at record highs last week, supported by enthusiasm in technology stocks and lower oil prices, while crypto markets remained entrenched in bear-market territory.
Crypto Market Outlook
Bitcoin finished May down about 3.6% after two consecutive months of gains. The coin touched an intraday high near $74,000 over the weekend but failed to sustain the move, drifting back toward $73,000 during Monday morning trading.
Over the past week Bitcoin has declined roughly 5% and is trading near the lower boundary of a four-month range-bound channel.
Ether briefly slipped back below the $2,000 level on Monday morning after spending most of the weekend just above that threshold.
Analysts note several important catalysts converging in June that could influence Bitcoin’s near-term direction. 10x Research highlighted the market’s headwinds, pointing to ETF outflows, shrinking stablecoin balances, and historically low trading volumes as signs of weak conviction — conditions that can, in their view, accompany a major cycle bottom.