Market Overview

United Kingdom

The British pound (GBP) surged to a 3-year high, reaching 1.36 USD, driven by a series of strong UK economic indicators, including better-than-expected construction PMI and May car registration data. Market sentiment improved despite earlier remarks from Bank of England officials hinting at a possible rate cut in the near future.

Meanwhile, the US dollar weakened ahead of upcoming US economic data releases, with growing expectations that the Fed will shift toward easing policy. Ongoing uncertainty in US–China trade relations also boosted demand for the pound as a short-term alternative safe-haven asset.

Cryptocurrency

Bitcoin saw a sharp drop to nearly $100,000, triggered by heavy profit-taking and the liquidation of over 225,000 leveraged positions, totaling close to $1 billion. Beyond technical pressure, political tensions between Elon Musk and former President Trump—centered on the spending bill and EV subsidies—fueled a flight from risk assets.

On the other hand, Russia has officially listed Bitcoin futures contracts linked to BlackRock's ETF on the Moscow Exchange. This marks a strategic step toward opening the crypto market to domestic institutions, while still mitigating risks by settling in 
Russian rubles.

Bitcoin (BTCUSD)

Fundamental Analysis

Bitcoin has dropped to near $100,000 as risk-off sentiment intensifies, following the liquidation of nearly $1 billion in leveraged positions—mostly long orders—within 24 hours. Political tensions between Elon Musk and former President Trump, tied to the spending bill and EV subsidies, have triggered a wave of capital flight from risk assets.

At the same time, the U.S. Department of Justice seized $7.74 million in crypto assets laundered by North Korean IT engineers through stablecoins and NFTs. Meanwhile, Russia officially listed Bitcoin futures contracts linked to BlackRock’s ETF, settled in rubles—a move aimed at expanding the crypto market while maintaining strict regulatory control.

Technical Analysis

Bitcoin is currently undergoing a corrective decline after losing support at the EMA 200. The current price structure is forming lower highs and lower lows, indicating a bearish trend.

Price has broken below all three key EMAs (EMA 34, EMA 89, and EMA 200), confirming a medium-term downtrend.Volume surged during the most recent drop, reinforcing the presence of strong selling pressure.

Dollar Index (DXY)

Fundamental Analysis

The US Dollar Index (DXY) is holding steady around 98.8 as investors await the May jobs report, which is expected to provide further insights into the health of the US economy amid growing concerns over President Trump’s tariff policies. 

Previously, DXY had dropped to a 6-week low, pressured by weak data—including rising jobless claims, softening private employment, and an unexpected contraction in the services sector.Despite Trump’s push for rate cuts, Fed officials remain cautious. A call between Trump and Xi lifted bond yields, but the USD remains under pressure this week.

Technical Analysis

The DXY is currently trading below all three key EMAs (EMA 34, EMA 89, and EMA 200), indicating that selling pressure remains dominant. Recent rebound attempts have been rejected at bearish order blocks and around the EMA 89, showing that upside momentum is still limited.

All three EMAs are sloping downward, with no signs of a trend reversal. Notably, EMA 34 is acting as dynamic resistance.The RSI is around 42.77, below the neutral 50 level, leaning bearish and suggesting that the downtrend remains intact.

Gold Spot (XAUUSD)

Fundamental Analysis

Gold is trading steadily around $3,350/oz as investors digest a series of weak US economic indicators—jobless claims have risen, and imports have dropped sharply, impacted by the Trump administration’s new tariffs. 

However, positive news from a phone call between President Trump and Chinese President Xi Jinping has helped ease trade tensions, causing safe-haven demand to stall.Investors are now turning their focus to tonight’s Non-Farm Payrolls (NFP) report. A strong result could reduce expectations for Fed rate cuts and put pressure on gold, while weaker data may support a renewed upward move in prices.

Technical Analysis

Gold is in a mild recovery trend, rebounding from strong support around $3,212 – $3,220. The current price structure is forming higher lows, but upward momentum is still capped by resistance at the previous GAP zone.

RSI is around 53.83, in neutral territory—neither overbought nor oversold. However, a mild hidden bullish divergence is forming. If RSI holds above 50, it may continue to support the upward bias.

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