Daily market data review and trend analysis, produced by PANews.
Macro Market
Last Friday, all three major U.S. stock indexes closed higher and continued to reach new record highs, with the S&P 500 rising 5.15% in May and the Nasdaq Composite Index rising 8.36%. On Monday, U.S. stock index futures continued to rise.
However, Michael Hartnett, chief investment strategist at Bank of America Securities, warned that the market is already showing signs of a bursting bubble . While the S&P 500 has hit new highs, most of its components are at historical lows, with price-to-earnings ratios as high as 29, making valuations highly dependent on optimistic earnings expectations. The Bank of America Bull/Bear Index has risen to 8.5, near its historical high, and the Global Market Breadth Rule has also entered "overbought" territory. June will see a busy window of events including CPI data, the G7 summit, and the Federal Reserve meeting, which could easily burst this super bubble.
Japanese and South Korean stock markets hit new highs again, with Japan's Nikkei 225 index breaking through the 67,000-point mark for the first time, and South Korea's KOSPI index surging over 4% to break through the 8,800-point mark. Goldman Sachs partner Mark Wilson stated in his latest weekly report that the explosive demand for AI infrastructure has attracted a large amount of leveraged capital to the memory chip sector, driving up the stock prices of companies like SK Hynix. Wilson revealed that his morning routine has shifted from monitoring the Middle East situation to checking SK Hynix's stock price first . He also pointed out that market sentiment has entered an extreme state of frenzy, characterized by "abundant greed and almost no fear."
Meanwhile, Samsung Electronics rose over 10%, its year-to-date gain 190%, pushing its stock price to a new high, breaking the $350,000 mark. Nvidia CEO Jensen Huang plans to visit South Korea this week to meet with the chairman of LG Group , which the market expects will drive more collaborations in robotics and artificial intelligence. LG Electronics' stock price nearly hit its 30% daily limit. Furthermore, SoftBank plans to invest 14 trillion yen in France to build Europe's largest data center, sending its stock price soaring 14% and surpassing Toyota's market capitalization.
Bitcoin price
Bitcoin closed at $73,674 in May, down 3.5% for the month. The current weakness of Bitcoin is mainly affected by three structural factors: First, the divergence between the continued record highs of the US, Japanese and South Korean stock markets and the valuation of the crypto market has intensified; second, the expectation of a Fed rate cut has weakened, and the market expects the June FOMC meeting to keep the benchmark interest rate unchanged (with a probability of 99.4%); third, institutional demand has weakened, with net outflows of approximately $2.43 billion from spot ETFs in May.
According to Coinglass data, since 2013, Bitcoin's average return in June is -0.14% , with a median return of 2.2%, making it one of the worst-performing months in Bitcoin's history . With June 2026 approaching, market expectations for Bitcoin's performance this month are generally cautious.
Furthermore, the CME Group officially launched 24/7 trading for Bitcoin futures on May 29th, rendering the classic "weekend gap" technical indicator obsolete. Although large short positions continue to decline, a clear bullish trend has yet to emerge. The market is widely focused on key macroeconomic events such as the US May CPI data on June 10th and the FOMC meeting on June 16-17, which could be significant catalysts for breaking the current $73,000 consolidation range for Bitcoin.
Bearish view
The core logic of the bears lies in the inevitability of cyclical pullbacks and the risk of breaking through key support levels. They believe that if the key opening price cannot be recovered or the current trend line is broken, the market will follow historical patterns and experience a deep correction in the summer.
KillaXBT: Bitcoin may see a brief rebound in early June, but overall June is likely to end in a decline. In addition, be wary of the "June 14 curse," as historical data shows that there is often a 5-8% drop in the week following this date. The plan is to buy the dip in batches at $65,000, $60,000, and $55,000.
Cyclop: Based on the 4-year cycle, Bitcoin usually faces a sell-off of about 30% in the summer, and is expected to drop to around $50,000 soon.
Kalshi trader: Predicts Bitcoin's short-term low will reach $55,000.
Wulf: A bearish flag pattern is forming on the 4-hour chart. If it breaks below the current trendline support, it will retest the $72,000 low. The overall bias remains bearish until it reaches the lower end of the $60,000 range.
Kaz: The monthly candlestick closed bearish as expected. If the price is resisted at 76.3k, it will form a lower top and continue to decline.
bullish view
The bullish camp focuses on on-chain cost support, technical pattern repair, and the attractiveness of the liquidity gap. They firmly believe that the short-term fluctuations are just a period of consolidation, and that after breaking through key resistance, they will head straight for new historical highs or even the $100,000 mark.
Marcus Corvinus (Glassnode): $71,400 (cost line for 3-6 month holders) is the strongest support level recently. If it stabilizes and rebounds, the next target is $78,200, and it is expected to hit $100,000 by the end of the year.
CrypNuevo: Currently looking for long opportunities in the 72.5k-73k range with long lower shadows, expecting a "W" double bottom reversal.
CryptoFrog: The price is consolidating between the 72.5k support and 75k resistance levels. If it breaks strongly above 75.5k, it will rebound to the 77k-78k area in the short term.
Rekt Capital: If the weekly chart closes above $73,000, it will confirm a double bottom breakout pattern and continue the upward trend.
Astronomer: A higher low has been formed, and I am looking towards a new high and expect the market to stabilize above 74.2K.
CryptoCache: The weekend lows have been cleared, short liquidation Delta has halved, spot trading volume is stable, and 73.8k FVG is the next target. The uptrend remains favorable.
Lennaert Snyder: The daily chart shows signs of easing. $78,000 is the key to reversing the daily downtrend structure. A break above this level would trigger a continuation of the bullish trend.
CGT Trader: The order book heatmap shows a huge wall of buy orders around $72,400, and this level of liquidity will provide strong support for the price.
Daan Crypto Trades: The price is currently in a bullish support zone, with high-timeframe moving averages approaching. It is expected to trade in the $60,000-$80,000 range for an extended period.
David: Holding the key monthly support level of $72,000 will trigger a rebound, and the decline in oil prices is macroeconomically beneficial to cryptocurrencies.
Key data (as of 13:00 HKT, June 1)
(Data source: Coinank, Upbit, SoSoValue, CryptoBubbles)
Bitcoin spot ETFs saw net outflows of $1.42 billion last week, the third highest on record.
Ethereum spot ETF: Net outflow of $241 million last week, marking the third consecutive week of net outflows.
HYPE Spot ETF: Net inflow of $25.57 million last week
XRP Spot ETF: Net inflow of $15.2 million last week
SOL Spot ETF: Net inflow of $2.36 million last week
Fear of Greed Index: 29 (Fear)
Upbit 24-hour trading volume rankings: SLX, XLM, XRP, STRAX, BTC
Sector Performance: The crypto market saw mixed results, with the DeFi sector rising over 2% and the CeFi sector falling nearly 3%.
24-hour liquidation data: A total of 88,663 people worldwide were liquidated, with a total liquidation amount of $218 million, including $30.34 million in BTC liquidations, $34.36 million in ETH liquidations, and $19.07 million in HYPE liquidations.
Today's Outlook
Unitree Robotics' IPO on the Science and Technology Innovation Board will be reviewed on June 1st.
Meme coin trading app Zap announced it will shut down on June 1st.
The Bitcoin Ordinals browser Ord.io will shut down on June 1st.
CME Group plans to launch cash-settled Bitcoin volatility futures on June 1.
Binance will support the Sei (SEI) network migration on June 1st.
OKX will delist the MAJOR and J spot trading pairs on June 2nd.
The ComputeX conference will be held on June 2nd, where NVIDIA is expected to showcase its next-generation AI computing architecture.
Microsoft's annual developer conference will be held on June 2nd, where a series of new AI models are expected to be released.
Sui (SUI) will unlock approximately 14.36 million tokens on June 1st, worth approximately $13.31 million.
Ethena (ENA) will unlock approximately 40.63 million tokens, worth about $3.7 million, on June 2nd.
The top 100 cryptocurrencies by market capitalization with the largest gains today are: Humanity (up 69.9%), LAB (up 26.2%), Stellar (up 16.7%), Worldcoin (up 13.9%), and Sky (up 8.9%).
