US spot Bitcoin ETFs saw robust performance in May, recording approximately $5.24 billion in net inflows, according to data from Farside Investors. Bitcoin itself reached a monthly high of $111,970 on May 22 before retreating to around $104,823. Despite the pullback, overall market sentiment remains optimistic. The Crypto Fear and Greed Index currently reads 57, signaling “Greed” and reflecting continued investor confidence. Looking ahead, the upcoming US jobs report — scheduled for release on June 6 by the Bureau of Labor Statistics — will be closely watched. The employment data is a key economic indicator that could influence the Federal Reserve’s stance on interest rates, potentially affecting Bitcoin and broader risk asset markets.
BTC-USDT Daily Chart:
After witnessing a massive rally from the recent low of $74,508 to a new all-time high of $111,980, BTC saw a minor correction as bulls failed to maintain their grip. The asset fell by nearly 7.90%, dropping to $103,068. Following this move, BTC is consolidating within a narrow range of $106,750 to $103,750 with low volumes. For a further rally, the asset needs to break, close, and sustain above the all-time high of $111,980.
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