Crypto Price Analysis 6-5: BITCOIN: BTC, ETHEREUM: ETH, SOLANA: SOL, DOGECOIN: DOGE, HEDERA: HBAR, INTERNET COMPUTER: ICP

The crypto market stumbled into bearish territory as Bitcoin (BTC) and other cryptocurrencies lost momentum thanks to macroeconomic factors. BTC slipped below $105,000 as selling pressure and buyer exhaustion weighed on the price. The flagship cryptocurrency is down nearly 1% over the past 24 hours, trading around $104,600. Meanwhile, Ethereum (ETH) is also down almost 1% as it struggles to stay above $2,600. Ripple (XRP) is down over 2%, trading around $2.18, and Solana (SOL) is down over 2%, trading at $152. Dogecoin (DOGE) is down almost 4%, while Cardano (ADA) is down nearly 3%, trading at $0.678. Chainlink (LINK) , Stellar (XLM) , Toncoin (TON) , Hedera (HBAR) , Litecoin (LTC) , and Polkadot (DOT) have also registered notable declines. US Stocks Register Mixed Wednesday US stocks ended Wednesday’s trading session mixed after weak private payrolls report and a cautious outlook from the Federal Reserve’s Beige Book led to renewed concerns about inflation, growth, and tariffs. As a result, the Dow Jones Industrial Average broke a four-day streak, falling 0.22%. Meanwhile, the S&P 500 traded flat, and the Nasdaq Composite traded 0.32%. Market sentiment was rocked by a weaker-than-expected ADP employment report, which showed that private payrolls rose only 37,000 in May, significantly lower than estimates. The reading comes just before Friday’s nonfarm payrolls data and could force the Fed to cut interest rates. The Federal Reserve’s Beige Book reported a marginal decline in US economic activity over the past six weeks, with hiring mostly flat as business owners put off expansion plans due to policy uncertainty. The Fed stated, “All Districts reported elevated levels of economic and policy uncertainty.” Crypto.com Sues Nevada Gaming Body Crypto.com’s derivatives arm has sued the Nevada gaming and gambling regulator over its restriction of trading and sporting event contracts. The North American Derivatives Exchange Inc., which operates as Crypto.com’s North American derivatives business, sued the Nevada Gaming Control Board (NGCB) in the state’s federal court on June 3, claiming the board improperly blocked the exchange from offering derivatives contracts that reference sporting events on its federally regulated market. The lawsuit also claimed that the regulator asserted jurisdiction with the mistaken premise that contracts traded on the exchange constitute “wagering on sporting events.” “NGCB has no authority to regulate, let alone prohibit, derivatives trading offered by a federally regulated DCM [designated contract market] operating pursuant to federal law.” It also cited federal injunctions involving prediction marketplace KalshiEX, where courts ruled that state gaming authorities in Nevada and New Jersey could not regulate federally approved event contracts. The courts ruled that the Commodity Exchange Act preempts state law and that the CFTC has exclusive authority. “Federal courts have consistently recognized that the CFTC’s regulation of the national derivatives market is exclusive and preempts state involvement.” South Korea’s New President Backs Crypto South Korea’s new President Lee Jae-myung’s incoming administration is expected to speed up crypto integration into South Korea’s regulatory and financial systems. The President is expected to oversee several crypto policy changes in South Korea, including enacting the Digital Asset Basic Act (DABA). Work on the act began under former President Yoon, but he could not see it through due to his dismissal. The Democratic Party has formed a Digital Asset Committee, led by lawmaker Min Byoung-dug, aiming to pass DABA through the National Assembly this year. Bitcoin (BTC) Price Analysis Bitcoin’s (BTC) price action remained subdued as the flagship cryptocurrency struggled to recover from a low of $104,253. BTC has been sluggish all week as it struggles to overcome the resistance at around $107,000. The world’s largest cryptocurrency had surged to a new all-time high of $111,970 on May 22. However, it lost momentum after reaching this level as investors locked in profits and buyer exhaustion set in. As a result, the price plunged nearly 4% the following day. BTC’s downward trajectory continued as it fell to a low of $103,199 on May 31. BTC has struggled to reclaim $105,000 since. Analysts have stated that while BTC’s pullback is concerning, investors are still optimistic about a recovery. Crypto market sentiment remains strong, with the Crypto Fear and Greed Index showing a score of 57 out of 100. Some analysts believe BTC could surge to a new all-time high above $115,000 next month if institutional interest continues and US job data comes in weaker than expected. “In a bullish scenario, driven by strong institutional interest and ETF inflows, Bitcoin could touch $115,000 or higher by early July.” The US Bureau of Labor Statistics will release its monthly jobs report on June 6. Job data is a crucial indicator for Bitcoin as it impacts the Federal Reserve’s decision on interest rates, which in turn, influences sentiment towards risk assets like Bitcoin . “A stronger-than-expected report might delay rate cuts, strengthening the dollar and possibly exerting downward pressure on Bitcoin.” On the other hand, a softer-than-expected report could encourage the Federal Reserve to reduce interest rates sooner. The analysts noted, “If the jobs report indicates a stronger labor market, Bitcoin might test support levels around $102,000 or lower. Overall, the report’s outcome will be pivotal for lower timeframe traders but will only be a smaller piece of a larger puzzle in the larger scheme of things.” BTC registered a sharp drop on Friday (May 23), falling nearly 4% to $107,356. The price recovered over the weekend, rising 0.46% and 1.16% to cross $109,000 and settle at $109,103. Buyers retained control on Monday as BTC rose 0.32% to $109,453. Despite the positive sentiment, BTC lost momentum on Tuesday, dropping 0.46% to slip below $109,000 and settle at $108,954. Sellers retained control on Wednesday, dropping over 1% to $107,834. Selling pressure intensified on Thursday as BTC fell over 2%, slipping below the 20-day SMA and $105,662. BTC continued to decline on Friday, falling 1.51%, falling below $105,000 and settling at $104,067. Source: TradingView Despite the overwhelming selling pressure, BTC recovered over the weekend, rising 0.69% on Saturday and 0.95% on Sunday to reclaim $105,000 and settle at $105,775. The price fell to an intraday low of $103,734 on Monday as selling pressure intensified. However, it recovered from this level to register a marginal increase and settle at $105,903. BTC lost momentum on Tuesday, falling 0.44% to $105,435. Sellers retained control on Wednesday as the price fell nearly 1%, slipping below $105,000 and settling at $104,755. The current session sees BTC marginally up as it looks to reclaim $105,000. Ethereum (ETH) Price Analysis Ethereum (ETH) continued trading sideways as it consolidated around the $2,600 mark, as the crypto market entered a subdued phase following BTC’s surge to a new all-time high. Investors are waiting for the next catalyst to dictate price action, with trade tensions and policy uncertainty impacting investor sentiment. However, open interest in ETH futures jumped to a record $37.6 billion. High open interest levels indicate bullish momentum but also increase the risk of a strong pullback as markets get too one-sided. ETH has faced repeated rejections around the 200-day SMA and $2,700. A break above these levels could push ETH beyond $3,000, as no strong resistance exists until that price level. ETH’s latest rejection from $2,700 was on Friday (May 23), when it fell to $2,527. The price recovered over the weekend, registering a marginal increase on Saturday and increasing nearly 1% on Sunday to settle at $2,551. ETH continued pushing higher on Monday, registering a marginal increase to $2,564. Bullish sentiment intensified on Tuesday as ETH rose nearly 4% to reclaim $2,600 and settle at $2,662. Buyers retained control on Wednesday, with the price rising almost 1% to $2,683. ETH raced to an intraday high of $2,790 on Thursday. However, it lost momentum after reaching this level and fell 1.89% to $2,632. Bearish sentiment intensified on Friday as the price dropped almost 4%, slipping below the 20-day SMA and $2,600 to $2,532. Source: TradingView Price action was mixed over the weekend as ETH registered a marginal decline on Saturday before rising 0.44% on Sunday to settle at $2,539. ETH fell to a low of $2,476 on Monday as selling pressure intensified. However, it rebounded from this level to register an increase of almost 3% to cross the 20-day SMA, reclaim $2,600, and settle at $2,607. ETH was back in the red on Tuesday, dropping 0.53%, but recovered on Wednesday, rising 0.54% to $2,607. The current session sees the price marginally down, trading around $2,957. Solana (SOL) Price Analysis Solana (SOL) continues to trade downwards as it struggles to stay above $150. The altcoin faced a sudden decline on Tuesday, dropping from a high of $165 to $164. Sellers retained control in the subsequent session, with SOL down almost 1%. SOL started the previous weekend positively, rising 1.09% on Saturday and settling at $175. However, it lost momentum after reaching this level and fell to a low of $169 on Sunday. The price rebounded from this level to reclaim $175, ultimately registering a marginal decline. Price action remained bearish on Monday as SOL fell 0.46% to $174. It recovered on Tuesday, rising 1.03%, but was back in the red Wednesday, falling 2.55%, slipping below the 20-day SMA and settling at $172. Sellers retained control on Thursday as the price dropped over 3%, slipping below $170 and settling at $166. Bearish sentiment intensified on Friday as SOL plunged over 6%, falling below $160 and settling at $156. Source: TradingView Despite the overwhelming selling pressure, SOL recovered over the weekend, registering a marginal increase on Saturday and rising almost 1% on Sunday to settle at $157. SOL started the current week in the red, dropping to an intraday low of $151 before rebounding to settle at $156, ultimately registering a marginal decline. SOL raced to an intraday high of $164 on Tuesday. However, it lost momentum after reaching this level and fell to $155. Sellers retained control on Wednesday as the price fell over 1% to $153. The current session sees SOL down 1.08% as sellers look to drive it below $150. Dogecoin (DOGE) Price Analysis Dogecoin (DOGE) started the previous week in the red, registering a marginal decline and settling at $0.225. It recovered on Tuesday, rising 0.76% despite selling pressure and volatility, and settled at $0.226. However, DOGE was back in bearish territory on Wednesday, dropping over 2% to $0.221. Sellers retained control on Thursday as the price fell over 3% to $0.214. Bearish sentiment intensified on Friday as DOGE plunged nearly 10%, slipping below $0.20 and settling at $0.193. Source: TradingView DOGE started the weekend in the red, registering a marginal decline on Saturday and settling at $0.192. It recovered on Sunday, registering an increase of almost 1% and settling at $194. DOGE continued to push higher on Monday, rising 0.77% to $0.196. The price reached an intraday high of $0.201 on Tuesday. However, it lost momentum after reaching this level and fell 1.53% to $0.193. Bearish sentiment intensified on Wednesday as the price fell over 2% to $0.188. The current session sees the price marginally down as buyers and sellers struggle to retain control. Hedera (HBAR) Price Analysis Hedera (HBAR) registered a sharp decline on Monday (May 26), dropping almost 2% to $0.184. The price recovered on Tuesday, rising to an intraday high of $0.192 before settling at $0.187. Sellers were back in control Wednesday as the price fell 0.53% to $0.186. HBAR continued to decline on Thursday, falling nearly 4%, slipping below the 50-day SMA and settling at $0.179. Bearish sentiment intensified on Friday as the price plunged almost 7% and settled at $0.167. Source: TradingView HBAR plunged to an intraday low of $0.160 on Saturday. However, it rebounded from this level to register a marginal increase and settle at $0.168. Buyers retained control on Sunday as the price registered a marginal increase and ended the weekend at $0.169. Bullish sentiment intensified on Monday as HBAR rose 1.45% to $0.171. It registered a marginal increase on Tuesday before dropping over 2% on Wednesday and settling at $0.167. The current session sees the price marginally up as buyers and sellers struggle to establish control. Internet Computer (ICP) Price Analysis Internet Computer (ICP) started the previous week with a sharp jump to $5.41. It lost momentum after reaching this level and fell nearly 1% to $5.22. The price recovered on Tuesday, rising over 2% to $5.33. Buyers retained control on Wednesday as ICP registered an increase of 2.06% and settled at $5.44. However, it lost momentum after reaching this level and fell 3.31% to $5.26. Bearish sentiment intensified on Friday as ICP plunged nearly 9%, slipping below the 50-day SMA and $% and settling at $4.80. Source: TradingView Despite the overwhelming selling pressure, ICP recovered over the weekend, rising 2% on Saturday and 0.61% on Sunday to settle at $4.94. The price surged nearly 4% Monday to reclaim $5 and settle at $5.13. Bullish sentiment intensified on Tuesday as ICP raced to an intraday high of $5.59 before settling at $5.34, ultimately registering an increase of over 4%. The price lost momentum on Wednesday and fell over 2%, slipping below the 20-day SMA and settling at $5.21. The current session sees ICP down over 1% as sellers look to drive the price below $5. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Source: Crypto Daily