Bitcoin (BTC) News Today: Weekend Gains Linked to US BTC-Spot ETF Inflows

Sustained Demand for US BTC-Spot ETFs Contribute to Weekend Gains

On Sunday (June 2), bitcoin (BTC) gained 0.11%. After rising by 0.30% on Saturday (June 1), BTC ended the week down 0.95% to $67,792.

US economic indicators from Friday (May 31) and US BTC-spot ETF flow trends resonated over the weekend.

Despite sticky inflation, the US Personal Income and Outlays Report raised investor bets on a September Fed rate cut. Weaker personal income and spending signaled a softer inflation outlook.

According to the CME FedWatch Tool, the chances of the Fed standing pat in September fell from 50.2% to 45.2% in the week ending May 31.

Demand for US BTC-spot ETFs reflected the expectations of a less hawkish Fed rate path.

In the week ending May 31, the US BTC-spot ETF market saw total net inflows of $170.9 million. The US BTC-spot ETF market extended its weekly net inflow streak to four weeks.

Donald Trump, the Crypto Vote, and Bitcoin Lightning Network Contributions

Increased Republican Party support for cryptos influenced buyer demand for BTC-spot ETFs and BTC.

Over the weekend, news hit the crypto wires of Republican Party front-runner Donald Trump expanding campaign donation options to include Bitcoin Lightning Network payments. The Trump move to accept Bitcoin Lightning Network payments for campaign contributions aligned with recent speeches, wooing the crypto vote.

In May, Trump targeted the US crypto vote, saying,

“If you like crypto in any form…and it comes in many forms…if you’re in favor of crypto, you better vote Trump.”

A Republican Party victory could be a boon for the US digital asset space. The Republicans would likely replace SEC Chair Gary Gensler and end the reign of regulation through enforcement.

Significantly, Trump could also pave the way for the rollout of the Lummis and Gillibrand Responsible Financial Innovation Act, which would give the CFTC greater authority to regulate the US crypto market.

The net effect could be greater adoption of BTC and altcoins.

Technical Analysis

Bitcoin Analysis

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

A BTC move through the $69,000 resistance level could give the bulls a run at the $73,808 all-time high.

US BTC-spot ETF market flow data, SEC activity, and manufacturing PMI numbers from China, the Eurozone, and the US need consideration.

Conversely, a BTC break below the 50-day EMA could signal a drop toward the $64,000 support level.

With a 55.44 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, affirming the bullish price signals.

An ETH break above the $3,835 resistance level would support a move to the $4,000 handle. A breakout from the $4,000 handle could give the bulls a run at 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, 64.19, indicates an ETH move to $4,000 before entering overbought territory.