Bitcoin (BTC) News Today: Return to $70,000 Linked to Spot ETFs and US Labor Market

US Labor Market Data, Fed Rate Cut Bets, and the US BTC-Spot ETF Market

On Tuesday (June 4), bitcoin (BTC) gained 2.34%. After rising by 1.55% on Monday (June 3), BTC ended the session at $70,449.

The US JOLTs Job Openings Report fueled investor expectations of a September Fed rate cut. According to the JOLTs Job Openings Report, job openings declined from 8.355 million to 8.059 million in April.

The probability of the Fed leaving interest rates unchanged in September declined from 40.5% to 35.1% as the markets reacted to the weaker-than-expected labor market data.

Furthermore, the crypto markets reacted to the shift in sentiment toward the Fed interest rate trajectory. The US BTC-spot ETF Market is on target to extend its net inflow streak to sixteen sessions. Moreover, the US BTC-spot ETF market could see net inflows surge to the highest level since March 13.

According to Farside Investors,

• Grayscale Bitcoin Trust (GBTC) saw net inflows of $28.2 million on Tuesday (June 4).
• Fidelity Wise Origin Bitcoin Fund had net inflows of $378.7 million, the highest since March 7.
• ARK 21Shares Bitcoin ETF (ARKB) reported net inflows of $138.7 million, with Bitwise Bitcoin ETF (BITB) seeing net inflows of $61.0 million.
• Excluding flow data for iShares Bitcoin Trust (IBIT) and Valkyrie Bitcoin Fund (BRRR), the US BTC-spot ETF market saw total net inflows of $610.6 million.

The US BTC-spot ETF market last reported total net inflows above $600 million on March 13.

Bloomberg Intelligence Senior ETF Analyst Eric Balchunas reacted to the flow data, saying,

“Fidelity not messing around, big-time flows all around today for The Ten, nearly $1b in total. Second best day ever, since Mid-March. $3.3b in past 4wks, net YTD at $15b (which was top end of our 12mo est). The ‘third wave’ is turning into tidal wave.”

On Wednesday (June 5), investors should consider US economic indicators after the market reaction to the JOLTs Job Openings Report. ADP Nonfarm Employment Change and ISM Services PMI numbers could influence the Fed rate path and demand for US BTC-spot ETFs.

Technical Analysis

Bitcoin Analysis

BTC remained comfortably above the 50-day and 200-day EMAs, affirming the bullish price signals.

A BTC break above the $72,000 handle could give the bulls a run at the $73,808 all-time high.

Investors should consider US economic data and US BTC-spot ETF market flow data.

Conversely, a BTC fall through the $69,000 support level could signal a drop toward the 50-day EMA.

With a 63.15 14-Daily RSI reading, BTC may climb to the all-time high of $73,808 before entering overbought territory.

Ethereum Analysis

ETH sat comfortably above the 50-day and 200-day EMAs, sending bullish price signals.

An ETH breakout from the $3,835 resistance level could give the bulls a run at the $4,000 handle. A break above $4,000 could support a move to the March high of $4,091.

US ETH-spot ETF-related news needs consideration.

Conversely, an ETH drop below the $3,700 handle could signal a fall toward the $3,480 support level.

The 14-period Daily RSI reading, 65.15, indicates an ETH rise to $4,000 before entering overbought territory.