Bitcoin rose by almost 1% to surpass $27,000 ahead of the release of the U.S. government's Nonfarm Payrolls report. The report is expected to show that the economy added 180,000 jobs in May. Coinbase Derivatives Exchange will offer bitcoin and ether tracked futures for institutional clients from June 5th. Stablecoin issuer Tether's USDT has reached an all-time high market capitalization of $83.2 billion, despite the shrinking stablecoin market.

According to a report by Matrixport, Bitcoin (BTC) is facing selling pressure at the $28,000 price level, possibly due to miners being forced to liquidate new inventory produced. The report suggests that profit margins have compressed in recent weeks, making mining very competitive and often unprofitable. Markus Thielen, head of research, wrote that most machines produced before 2022 appear to be unprofitable at current input cost and potential output revenue expectations. However, Matrixport foresees significant upside convexity for miners if Bitcoin prices increase by 10% or more.

Bitcoin experienced a bounce near several support trend lines on June 2, with little sign of trend change as a stalemate between bulls and bears continued. Traders are betting on a $27,500 BTC price ceiling, with the collection of moving averages and short-term holder realized price near $26,000 remaining untested on intraday timeframes. Popular traders Crypto Ed and Crypto Tony both urged caution until Bitcoin breaks above $27,500, with Crypto Ed suggesting a potential upside topping out at that level and Crypto Tony focusing on Ether ($ETH). Meanwhile, others argue that time is ticking for Bitcoin to break out, with financial commentator Tedtalksmacro flagging favorable macro conditions.

According to on-chain analysis by Glassnode, Bitcoin is being transferred from experienced long-term holders to new investors, indicating a wealth transfer. This phenomenon is common across cycle inflection points.

The Federal Reserve is set to offer further guidance on Bitcoin and Ethereum in June 2023, with a potential pause in rate hikes if inflation remains low.

Jurrien Timmer, global macro director at Fidelity Investments, has compared the boom-bust cycle of crypto assets to the dot-com bubble of the late 1990s. He believes that, as with the tech bubble, some digital assets will rise while others will die.

The US Senate passing the Biden-McCarthy debt ceiling deal has led to a recovery in both the crypto and stock markets, with Bitcoin and Ethereum prices rising over 2%.

Google search interest for "AI" has hit a new all-time high globally, but it still falls short of the peak search interest for Bitcoin during its 2017 frenzy.

Bitcoin started June trading below support at US$27,000 after experiencing its first monthly loss of the year in May. Ether also fell below US$1,900, while most other top 10 non-stablecoin cryptocurrencies traded flat to lower.

Danny Devan, a TikTok influencer also known as Denish Sahadevan, has pleaded guilty to charges of wire fraud, money laundering, and aggravated identity theft involving cryptocurrencies like Bitcoin. He attempted to defraud lenders and the US government for $1.2 million worth of COVID-19 relief loans.