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The ADP employment figures for May, which were announced last night, showed an increase of 152,000 people, the smallest increase since January this year. The expected increase was 175,000 people. The U.S. economy is slowing down, which is a good thing for now. GDP is only slightly above 1%, and the ISM manufacturing index has been in contraction for several months. The weak employment situation continues to have a negative impact on consumer spending. Another key and forward-looking employment indicator, job vacancies, has slowed significantly, indicating further weakness in the labor market. Investors hope that this will provide sufficient reason for the Federal Reserve to lower benchmark interest rates. The three major indices all rose, with the Nasdaq up 1.96%, the S&P 500 up 1.18%, and the Dow up 0.25%. Both the Nasdaq and the S&P 500 reached new all-time highs. Nvidia rose more than 5%, continuing to reach new all-time highs for three consecutive trading days, with a total market capitalization exceeding $3 trillion, surpassing Apple. The cryptocurrency market has risen across the board, with Bitcoin breaking through $71,500 in mid-market, Ethereum reaching a high of $3,886, and BNB breaking through $716 to set a new all-time high!

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Bitcoin climbed all the way up to around 71,000 before encountering resistance and entering a consolidation phase. Throughout the day, it traded within the range of 70,500 to 71,500, and then saw a surge in the evening to the 71,800 level. The current trend is still strong, with a new round of upward movement appearing. On the daily chart, we can see a bottoming out and rebounding structure, with the price of the currency rising strongly with three consecutive bullish candles. Therefore, there is no doubt that the bulls will continue to dominate, and on the 4-hour chart, the trend is mainly upward with bullish candles dominating and weak bearish pullbacks. In this structure, any pullbacks are opportunities to go long.

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Etherium quietly strengthened in the middle of the night, breaking through 3850 and refreshing the high point of 3886. Although the upward space is not large, there is already a sign of stabilization. As long as it effectively stabilizes at 3850, it can be seen that a 4h-level rise to 3950-4000! With the passage of time, the situation is gradually becoming favorable for the bulls, and the 4-hour chart is still in a strong market. However, the space release of this wave is relatively large, and the future market will be accompanied by oscillations, with a fluctuating base, constantly setting new highs, and also accompanied by rapid pullbacks. However, overall, it still maintains a small step-by-step oscillation and slow rise. Currently, it is the sub-low point of the step, and the mid-track is used as the support point, maintaining a bullish mindset above the sub-low point.