Cryptocurrency prices on June 5: Bitcoin rises 3% to above $71,000 on Fed rate cut expectation

Reuters

Bitcoin (BTC) price has experienced a healthy bounce back in the last 24 hours, rising 3% to reach $71,000, propelled by expectations of a Federal Reserve interest rate cut in September due to a softening U.S. labour market.

Data overnight showed U.S. job openings fell more than expected in April to the lowest level in more than three years, a sign that labour market conditions are softening.

The data emboldened bets of rate cuts this year, with markets pricing in 45 basis points of easing. Traders are also pricing in a 65% chance of a rate cut in September, compared with a 46% chance a week earlier, CME FedWatch tool showed.

At 12:14 PM, Bitcoin (BTC) was trading 3.1% higher at $71,098, while Ethereum surged 1.14% to $3,807. Meanwhile, the global cryptocurrency market cap rose by 3% to around $2.63 trillion in the last 24 hours.

"The crypto market saw an upside move as U.S. job openings data favoured the market. BTC now needs to clear its ATH level at around $73,500 to break the range and form a new ATH," said CoinDCX Research Team.

Other popular altcoins including BNB, Solana, XRP, Dogecoin, Toncoin, Shiba Inu, Avalanche, Chainlink, and Polkadot, surged between 3–12%.

The volume of all stablecoins is now $90.21 billion, which is 12.09% of the total crypto market 24-hour volume, according to CoinMarketCap.

In the last 24 hours, the market cap of Bitcoin, the world's largest cryptocurrency, rose to $1.4 trillion. Bitcoin's dominance is currently 53.17%, according to CoinMarketCap. BTC volume in the last 24 hours surged 23% to $36.86 billion.

Tech view by Sathvik Vishwanath, Co-Founder & CEO, Unocoin

Bitcoin broke out of a symmetrical triangle pattern at $69,000, indicating a bullish trend. The pivot point is at $68,450 with immediate resistance at $71,200. The RSI at 66.95 indicates overbought conditions, indicating a potential near-term downside. Key levels to watch are the pivot point at $68,450 and resistance at $71,200.

(Disclaimer: The views expressed by experts are their own and do not necessarily reflect those of The Economic Times)

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Originally published at https://valuemarketschain.blogspot.com/.