You can find today’s edition of “Daily Market 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 insights.
Bitcoin (BTC) extended its long-term uptrend from $75,930 to reach an all-time high (ATH) of $111,980. Following this peak, it pulled back due to profit-taking and is currently trading around $105,000. On the technical side, $104,629 stands out as the first major support level. If this area is breached, $101,059 and then $96,115 should be monitored as the next support zones. For the upward recovery to gain traction, it is critical for BTC to surpass the $109,588 resistance. If this resistance is broken, $111,980 and then $114,500 may be targeted once again. Maintaining price action above $104,629 is important to preserve the positive trend.
Ethereum (ETH), after starting a strong rally from $1,486 and reaching a peak of $3,004, has entered a correction phase and is currently trading at $2,620. The price holding above the $2,385 support level is helping to limit selling pressure; however, if this level is breached, $2,098 and $2,004 will become the next support zones. For the upward momentum to continue, ETH must break the $2,711 resistance level. Once this is achieved, the targets will be $2,838 and $3,004. The continuation of the positive outlook for ETH hinges on its ability to remain above $2,385.
Crypto News
- Fed member Bostic said a rate cut this year may be possible depending on the state of the economy.
- Treasury Secretary Bessent said it’s up to China to decide whether it wants to be a reliable partner.
- North America-based civil engineering firm SolarBank adopted a Strategic Bitcoin Reserve.
- Trump is set to launch a branded crypto wallet and trading app encouraging supporters to buy memecoins and other crypto assets.
- Magic Eden’s $ME partnered with Trump Wallet.
Top Gainers
- COMP → Up 15.2% to $47.60
- BORG → Up 15.1% to $0.20837302
- ZBCN → Up 11.2% to $0.0052459
- ATH → Up 10.6% to $0.05030066
- APE → Up 9.3% to $0.74851906
Top Losers
- KAITO → Down 9.7% to $1.71
- POPCAT → Down 9.1% to $0.37289158
- IOTX → Down 7.6% to $0.02169712
- FARTCOIN → Down 7.5% to $1.05
- PENGU → Down 6.8% to $0.01021654
Fear Index
- Bitcoin: 63
- Ethereum: 54
Dominance
- Bitcoin: 63.99% ▼ 0.27%
- Ethereum: 9.71% ▲ 1.18%
Daily Net ETF Flows
- BTC ETFs: $375.10 million
- ETH ETFs: $109.50 million
Key Data to Watch Today
- 15:15 – ADP Non-Farm Employment Change (May)
- Forecast: 111K / Previous: 60K
- 16:45 – Services Purchasing Managers’ Index (PMI) (May)
- Forecast: 52.3 / Previous: 50.8
- 17:00 – ISM Non-Manufacturing PMI (May)
- Forecast: 52.0 / Previous: 51.6
- 17:00 – Job Openings and Labor Turnover Survey (JOLTS) (April)
- Forecast: 7.110M / Previous: 7.192M
- 17:30 – EIA Crude Oil Inventories
- Forecast: -2.900M / Previous: -2.795M
Global Markets
Global stock markets are starting the day on an optimistic note. Expectations for high-level negotiations between the US and China have boosted risk appetite. US stock markets continued to rally, led by tech stocks, with the Nasdaq Index turning positive year-to-date. Yesterday, the Nasdaq rose 0.81%, the S&P 500 increased by 0.58%, and the Dow Jones added 0.51%, all closing in positive territory. The small-cap Russell 2000 Index gained 1.59%, supported by strong performances in regional banks and biotech stocks.
Eight of the eleven sectors in the S&P 500 ended the day in the green. The technology sector performed best with a 1.48% gain, followed by energy (1.11%), materials (0.97%), and industrials (0.76%). On the other hand, telecommunications (-0.75%), real estate (-0.39%), and consumer staples (-0.15%) underperformed.
On the macroeconomic front, the JOLTS job openings for April came in at 7.40 million, beating expectations of 7.11 million. However, factory orders shrank by 3.7%, exceeding the expected 3.1% decline. Today, the market focus is on the US ADP private sector employment data and the ISM services PMI. The ISM services index rose to 51.6 in April and is expected to increase slightly to 52 in May. Asian markets opened on a positive note, and European markets are also expected to open higher.
Meanwhile, the OECD revised its “Global Economic Outlook” downward. The global growth forecast for 2025 was lowered from 3.1% to 2.9%, and the 2026 forecast from 3.0% to 2.9%. The US growth forecast for this year was cut from 2.2% to 1.6%, and the 2026 forecast from 1.6% to 1.5%. The report highlighted that uncertainties in trade policy, tight financial conditions, weakening consumer and business confidence, and rising political risks pose major threats to growth. New tariffs could increase trade costs and fuel inflation, although falling commodity prices might partially offset this.
Growth forecasts for Turkey were also revised downward. The OECD cut Turkey’s 2025 growth forecast from 3.1% to 2.9%, and its 2026 forecast from 3.9% to 3.3%. Today, key international data include the US ISM services report, ADP employment report, and Eurozone Services PMI—all closely watched by markets.
Top Companies by Market Cap and Stock Prices
- NVIDIA (NVDA) → $3.45 trillion market cap, $141.22 per share, +2.80%
- Microsoft (MSFT) → $3.44 trillion market cap, $462.97 per share, +0.22%
- Apple (AAPL) → $3.04 trillion market cap, $203.27 per share, +0.78%
- Amazon (AMZN) → $2.18 trillion market cap, $205.71 per share, -0.45%
- Alphabet (GOOG) → $2.02 trillion market cap, $167.71 per share, -1.56%
Borsa Istanbul
Domestically, the May CPI came in at 1.53% monthly—closer to our forecast (1.8%) and well below the market expectation (around 2.1%). This result aligns with the Central Bank’s inflation trajectory as outlined in its latest Inflation Report. Consequently, annual inflation dropped 2.5 points from the previous month to 35.4%. Our seasonally adjusted monthly inflation came in at 1.7%, showing about a 1-point improvement from April. Core inflation indicators also declined significantly: the B index annual inflation fell to 34.8%, and the C index to 35.4%. These developments signal continued downward momentum in inflation and improving pricing behavior, though a cautious stance remains warranted.
Lower-than-expected inflation has increased the likelihood of a rate cut at the June Monetary Policy Committee (MPC) meeting. This triggered strong buying in banking stocks; yesterday the banking index rose by an average of 5.7%, and the BIST 100 gained 3.0%, closing at 9,277 points. Since the banking sector has underperformed the benchmark index by about 6% year-to-date, it may continue to recover this gap amid rate cut expectations. Additionally, pre-holiday settlement advantages also contributed to yesterday’s strong gains. Market attention is now turning to the June 19 MPC meeting.
Technically, the BIST 100 showed a strong rebound after the previous two-day decline, recovering just below the support level. The 9,148–8,965 range remains a key support zone. If the index continues to trade above this band, a move toward 9,475–9,500 could be seen. The 9,325 level serves as interim resistance, and a close above 9,475/9,500 would signal short-term optimism, potentially targeting the 9,740–9,770 resistance area next. Key technical support levels for BIST 100 are 9,148/9,044, 8,965, 8,870, and 8,611; resistance levels are 9,325, 9,475/9,500, 9,588, and 9,740.
Overall, a balanced sectoral performance with a continued upward trend is expected in Borsa Istanbul today.
Top Companies by Market Cap in Borsa Istanbul
- QNB Finansbank (QNBTR) → 860.11 billion TL market cap, 260.25 TL/share, +1.36%
- Aselsan Electronic Industry (ASELS) → 581.86 billion TL market cap, 131.80 TL/share, +3.29%
- Garanti Bank (GARAN) → 478.8 billion TL market cap, 114.80 TL/share, +0.70%
- Turkish Airlines (THYAO) → 391.57 billion TL market cap, 284.75 TL/share, +0.35%
- Koç Holding A.Ş. (KCHOL) → 382.41 billion TL market cap, 149.40 TL/share, -0.93%
Precious Metals and Exchange Rates
- Gold: 4,231 TL
- Silver: 43.18 TL
- Platinum: 1,369 TL
- USD: 39.13 TL
- EUR: 44.59 TL
See you again tomorrow with more market updates!
