Bitcoin Targets $140K on Stimulus Hopes, Ethereum Battles Resistance Ahead of Upgrades

Bitcoin and Ethereum are navigating through complex macroeconomic conditions, with BTC holding strong above $94,000 while ETH shows some

In the tapestry of the crypto market, where macroeconomic threads intertwine with technical patterns, Bitcoin and Ethereum are charting their own course.

As Federal Reserve signals continue to loom large over the crypto sphere, impacting assets such as Bitcoin and Ethereum, new labor data from the US Department of Labor showed that job openings fell more than expected to 7.2 million in March. This figure, which reached its lowest level in four years, compares to February's reading of 6.8 million and December's reading of 7.1 million, according to economists' projections of 7.5 million.

The data, released on Tuesday by the Labor Department, also revealed that hirings slowed to 5.8 million in March, down from February's reading of 6.3 million and December's reading of 6.4 million.

The latest figures come ahead of the closely watched monthly jobs report for April, which is set to be released on Friday. Economists polled by Dow Jones anticipate an increase of 183,000 in March, following February's surprising decline of 20,000 jobs.

The report from the Bureau of Labor Statistics also showed that the quits rate, which serves as an indicator of worker confidence, remained at 3.7%, in line with December's reading and January's revised reading.

The U.S. consumer confidence index fell for the fifth consecutive month in April to 98.3, reaching its lowest point since January 2021, according to data released on Tuesday by the Conference Board. This figure fell short of economists' expectations of 99.8 and marks a decline from March's reading of 99.2.

The Present Value of Future Economic Burdens fell to 70, signaling that consumers are less optimistic about the economy's long-term prospects.

"The decrease in job openings and hirings suggests a slowdown in labor market activity, which could put some downward pressure on wages in the coming months," said Robert Cavalluzzo, senior investment strategist at Propel Invest. "This could lead to a decline in inflation, although it remains to be seen whether the Fed will adjust its monetary policy in response."

The strong performance of BlackRock’s iShares Bitcoin Trust (IBIT) ETF continues to be a hot topic in the crypto sphere. The ETF saw a massive daily inflow of $970.9 million on April 28, rendering it the second-largest daily inflow since its inception in January 2024.

This incredible influx of funds is a testament to the overwhelming institutional interest in digital assets. Since April 22, IBIT has managed to collect nearly $4.5 billion in net inflows, displaying resilience even as its rivals faced outflows and macroeconomic anxieties mounted.

However, despite this institutional strength, the overall market trends appear to be shifting. Notably, two of IBIT's competitors—the Invesco Bitcoin Trust ETF and the WisdomTree Bitcoin Trust ETF—both saw outflows for the 14th day in a row, while the Bitcoins Collective Bitcoin Strategy ETF saw outflows for the ninth day in a row.

This divergence in trends might suggest that while institutional optimism in Bitcoin remains high, expressed through products like IBIT, other segments of the market are displaying signs of fatigue or perhaps a shift in strategy.

The regulatory landscape is also shifting, with interesting implications for the crypto sector.

Nasdaq submitted an application to list 21Shares’ Dogecoin ETF, marking a significant development in the growing number of crypto ETF applications awaiting approval from the U.S. Securities and Exchange Commission (SEC).

Currently, there are over 70 crypto ETF applications pending with the SEC, highlighting the growing interest from institutions and the potential implications for the broader market.

The crypto sector is keenly following any changes in court rulings that could affect the industry.

In a surprising move that has implications for the emerging crypto legal framework, the Department of Justice is reportedly suggesting a 20-year jail term for former Celsius CEO Alex Mashinsky following his guilty plea connected with fraud allegations.

This sentence, which contrasts with the 15-year sentence recommended by the prosecution, underscores the serious view taken by the DOJ towards financial crimes and the potential consequences for executives in the crypto space.

The dramatic series of events began in April when Mashinsky pleaded guilty to one count of conspiracy to commit wire fraud and one count of defrauding Celsius users.

This plea came shortly before his trial was set to begin, and it effectively closed a chapter in the saga of Celsius's collapse and the fallout faced by its executives.

The Department of Justice had accused Mashinsky and former Celsius executives of defrauding investors in a scheme that solicited billions of dollars in cryptocurrency deposits.

These deposits were allegedly used for risky trading ventures, ultimately leading to Celsius's bankruptcy in July 2022