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Market News BTC Bears to Target Sub-$27,000 on Debt Ceiling Relief

BTC Bears to Target Sub-$27,000 on Debt Ceiling Relief

The US numbers, the Fed, and the debt ceiling news are the main topics of discussion today for BTC. To put Fed bets for June to the test, the statistics must exceed expectations.

TOP1Markets Analyst

2023-06-02

6710

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1.42% less bitcoin (BTC) was traded on Thursday. On Wednesday, BTC lost 1.81% and finished the day at $26,833. For the first time in five sessions, BTC ended the day below $27,000.

BTC rose to a first-hour high of $27,359 before reversing course, marking a mixed start to the day. Having failed to reach the First Major Resistance Level (R1) at $27,765, BTC dropped to a low point of $26,666 early in the morning. The First Major Support Level (S1) was temporarily breached by BTC at $26,767 before it reached an afternoon high of $27,189.

BTC, however, ended the day at $26,833 due to a bearish end that saw it breach S1 once more.

BTC separates from NASDAQ following agreement on US debt ceiling

The Thursday session was really busy. Chinese private sector PMI data temporarily offered encouragement, with the Caixin Manufacturing PMI increasing from 49.5 to 50.9 in May. The data, however, were unable to halt a gloomy pre-US session.

US economic indices gave conflicting messages. Even though labor expenses came in less than anticipated, the bets on a June pause were supported even though the ADP reported a significant gain in nonfarm employment.

The ADP reports that nonfarm employment rose by 278k in May as opposed to the predicted increase of 170k. Nonfarm employment increased by 291k in April. Unit labor expenses, which increased by 4.2% in Q1 compared to 3.2% in Q4, fell short of expectations, despite the fact that initial jobless claims still continued to indicate tight labor market conditions. Economic experts anticipate a 6.3% rise.

Although the job market is very tight, cracks are still visible. The pricing sub-component of the US ISM Manufacturing PMI, which showed a decline from 47.1 to 46.9 in May, confirmed sluggish demand. The ISM Manufacturing Prices Index significantly declined from 53.2 to 44.2%.

Demand for US equities was driven by softening bets on a Fed pause and progress on the debt ceiling agreement at the expense of BTC and the larger crypto market.

The Dow and S&P 500 both had increases of 0.47% and 0.99%, while the NASDAQ Composite Index increased by 1.28%.