You can find today’s edition of “Daily Market Recap with JrKripto,” where we compile the most important developments in global and local markets, below. Let’s analyze the overall market conditions together and review the latest updates.
Bitcoin (BTC) rebounded after falling as low as $101,150 below the $104,977 support level, recovering strongly from the $101,059–$100,063 range and breaking out of the descending channel to the upside, shifting its technical outlook into positive territory. However, BTC is currently experiencing a slight pullback, trading around $107,600. The $109,588 resistance is crucial for the upward move to continue. If the price holds above this level, the next targets would be $111,980 (ATH) and $114,500, respectively. On the downside, $106,794 and $104,977 should be watched as support levels. Holding these supports is essential for maintaining the positive scenario.
Ethereum (ETH) similarly broke out of its descending channel, rebounding from the $2,385 support and is currently trading around $2,750. For the upward movement to gain momentum, ETH needs to surpass the $2,838 resistance. Once this level is broken, $3,004 may become the next target. In the event of a downward correction, the $2,385 level remains the most important support.
Crypto News
- Ukraine has officially submitted a bill proposing the establishment of a strategic #Bitcoin reserve.
- Interactive Strength (TRNR) has launched a $500 million facility to purchase Fetch.ai (FET) tokens, initiating a crypto treasury strategy focused on AI.
- Trump: “Inflation numbers are great! The Fed should cut rates by a full percentage point.”
- Circle's stablecoin to be launched within the #WLD project.
- Bank of America is developing a stablecoin.
- Lutnick: “Many deals are coming next week.”
- GameStop plans to offer $1.75 billion in convertible bonds.
Top Gainers in Cryptocurrencies
- ZBCN → Up 17.6% to $0.00445597
- SPX → Up 11.6% to $1.72
- RVN → Up 8.1% to $0.0222342
- WBT → Up 4.7% to $32.69
- KAIA → Up 4.5% to $0.16935909
Top Losers in Cryptocurrencies
- AI16Z → Down 14.9% to $0.19085176
- GRASS → Down 14.8% to $1.71
- PENDLE → Down 12.1% to $3.93
- DOG → Down 11.9% to $0.00414189
- PLUME → Down 10.9% to $0.10564537
Fear Index
- Bitcoin: 71
- Ethereum: 60
Dominance
- Bitcoin: 64.18% ▲ 0.09%
- Ethereum: 9.92% ▼ 0.18%
Daily Net ETF Inflows
- BTC ETFs: $164.60 Million
- ETH ETFs: $240.30 Million
Key Economic Data to Watch Today
- 3:30 PM – Initial Jobless Claims
- Forecast: 242K / Previous: 247K
- 3:30 PM – Producer Price Index (PPI) (MoM) (May)
- Forecast: 0.2% / Previous: -0.5%
Global Markets
Yesterday in the U.S., May CPI data came in below expectations for both headline and core inflation. Monthly CPI rose by 0.08%, falling short of the 0.2% forecast. Annual inflation edged up by just 4 basis points to 2.35%, also below the expected 2.5%. Price declines in energy, automotive, and clothing contributed to this mild inflation outlook. Core CPI rose 0.13% month-over-month, below the 0.3% forecast, and annual core inflation has remained flat at 2.8% for the past three months.
Despite the data, market reaction was limited. U.S. stock markets closed lower yesterday. The S&P 500 dropped 0.3%, the tech-heavy Nasdaq fell 0.5%, while the Dow Jones ended flat.
Meanwhile, surging geopolitical tensions in the Middle East led to a sharp increase in oil prices. WTI crude ended the day up 5.5%, positively impacting energy stocks. The S&P 500 Energy Sector Index rose 1.5%, making it the top gainer. Conversely, news that the U.S. and Mexico are discussing tariff reductions on steel exports pressured steel-related stocks. As a result, the S&P 500 Materials Sector Index fell 1.0%, becoming the biggest loser.
After the close, Oracle (ORCL) reported strong financial results, but this did not significantly shift overall market sentiment. U.S. markets are expected to open slightly lower today. European markets started the day with selling pressure. Investors are closely watching the U.S. PPI data due later today. Having fallen into negative territory in April, the PPI is expected to turn positive in May and show annual growth. This data could have a stronger market impact than CPI.
Most Valuable Companies & Stock Prices
- Microsoft (MSFT): $3.51 trillion market cap, $472.62 per share, up 0.36%
- NVIDIA (NVDA): $3.49 trillion market cap, $142.83 per share, down 0.78%
- Apple (AAPL): $2.97 trillion market cap, $198.78 per share, down 1.92%
- Amazon (AMZN): $2.26 trillion market cap, $213.20 per share, down 2.03%
- Alphabet (GOOG): $2.16 trillion market cap, $178.79 per share, down 0.68%
Borsa Istanbul
Domestically, April's Industrial Production Index (IPI) will be released today. In March, the seasonally and calendar-adjusted IPI rose 3.4% monthly but fell 2.7% year-over-year. On a calendar-adjusted basis, annual growth was 2.5%. However, early indicators for April suggest continued weakness in industrial production. Notably, the April PMI for manufacturing stood at 47.3, remaining below the 50 threshold, indicating ongoing contraction.
The Construction Cost Index for April is also expected today.
The BIST-100 index showed a cautious rise yesterday, closing around its 100-day moving average but failing to break above the 9,700 level. With the second weekly repo auction post-holiday, the CBRT’s weighted average funding rate dropped to 48%, reinforcing expectations for a potential rate cut on June 19. Meanwhile, heightened geopolitical tensions in the Middle East lifted oil prices, contributing to selling pressure in both U.S. markets and VIOP's evening session. A slight pullback may be seen in Borsa Istanbul today as a result.
Technical Outlook:The BIST-100 closed at 9,686 yesterday, following a predominantly positive session. The upward trend remains intact, and the index has now closed above both its 100- and 200-day moving averages for two consecutive days, supporting a bullish technical view. Although the lower limit of the 9,740–9,770 resistance band was tested, the close remained below it. This range is still being considered a “transition zone.” If the index closes above this band, a move toward the 10,000 level could begin.
Most Valuable Companies on Borsa Istanbul
- QNB Finansbank (QNBTR): 884.4B TRY market cap, 264.00 TRY per share, unchanged
- Aselsan (ASELS): 644.33B TRY market cap, 144.60 TRY per share, up 2.34%
- Garanti Bank (GARAN): 508.62B TRY market cap, 119.90 TRY per share, down 0.99%
- Turkish Airlines (THYAO): 400.89B TRY market cap, 282.00 TRY per share, down 2.93%
- Koç Holding (KCHOL): 385.46B TRY market cap, 147.60 TRY per share, down 2.89%
Precious Metals & Currency Prices
- Gold: 4,205 TRY
- Silver: 46.03 TRY
- Platinum: 1,588 TRY
- USD: 39.18 TRY
- EUR: 44.78 TRY
See you tomorrow with the latest updates!
