The Magazine for Asian Investors
This morning in Asia (June 3), the Bitcoin price rose 2.50% to $30,468.16.
Bitcoin’s upward movement this morning followed the Dow Jones Industrial Average, which closed up 435 points on Thursday (June 2) after falling for two straight days ahead of Friday’s labor market data release.
The Dow Jones Industrial Average rose 435.05 points, or 1.33%, to close at 32,248.28.
The S&P 500 rose 75.59 points, or 1.84%, to close at 4,176.82.
The Nasdaq rose 322.43 points, or 2.69%, at 12,316.90.
Analysts say bitcoin must rise above $40,000
Bitcoin, the most popular cryptocurrency, fell below $30,000 on June 1. Yesterday, it recovered 0.4% to $29,704 and is now above $30,000.
“Bitcoin is technically neutral and needs to rebound above the $40,000 level to be able to confirm its uptrend,”said DailyFX strategist Nicolas Cawley Wednesday (June 1).
Bitcoin rose earlier this week to a three-week high of $32,359 on Tuesday (May 31), boosting confidence that Bitcoin can maintain its upward trend.
The crypto market has been under pressure for some time as the Federal Reserve (Fed) and other central banks raise their key interest rates in the face of high inflation.
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Friday, June 3, 2022