Flipster Crypto Weekly (June 6)

June 6, 2025

A public feud between Elon Musk and President Donald Trump on Thursday contributed to market volatility, with Bitcoin dropping more than 3% at one point. In addition to rising political tensions, the week featured a mix of cautious central bank commentary and shifting labor market data. Federal Reserve officials—including Governor Adriana Kugler and outgoing Philadelphia Fed President Patrick Harker—stressed the need for patience in adjusting interest rates, citing persistent inflation and risks tied to tariffs.

Meanwhile, labor market indicators were mixed: April’s JOLTS report showed job openings rising to 7.39 million, while initial jobless claims climbed to a seven-month high of 247,000, hinting at potential softening in employment conditions. Markets remained on edge as investors looked ahead to the upcoming FOMC meeting on June 17–18 for clearer policy guidance.

Bitcoin (BTC)

Weekly performance: -2.9%

Year-to-date (YTD) performance: +9.57%

As of this writing, Bitcoin (BTC) is down over 3.5% for the week—its steepest weekly decline since March. The week began on a strong note, with BTC reclaiming its position above the 21-day moving average (MA). However, it faced resistance at the 10MA and the $106,000 level, subsequently pulling back to $101,000. It is now testing support at the 50-day MA, a key level to watch in the days ahead.

Ethereum (ETH)

Weekly performance: -6.77%

Year-to-date (YTD) performance: -26.35%

Thursday’s session put a dent in what was otherwise a very positive recent price action for Ethereum (ETH). Despite this blip, ETH has held up relatively well against both BTC and Solana (SOL), as reflected in the strength of the ETHBTC and ETHSOL trading pairs. However, ETH has now slipped below its 21MA—an important short-term technical indicator—and is currently trading near the lower end of its trading range around $2,400.

Solana (SOL)

Weekly performance: -11.71%

Year-to-date (YTD) performance: -22.25%

Among BTC, ETH, and SOL, Solana (SOL) currently shows the weakest price action. It has broken below the 50-day moving average—a key technical indicator used to gauge trend direction—signaling a potential end to the uptrend that began in April. For the uptrend to resume, SOL will likely need time to reset and establish a new support base.

Ravencoin (RVN)

Weekly performance: +31.29%

Year-to-date (YTD) performance: -24.58%

Ravencoin (RVN) stood out on Thursday with a 35.69% gain, defying broader market weakness. At one point during the intraday session, RVN was up more than 150%, and despite a sharp pullback from those highs, it still closed with strong double-digit gains—earning a spot on Flipster’s Top Movers list. For this positive momentum to continue, a break and close above the 200MA will be key, as it may act as a significant resistance level.

Disclaimer: This material is for information purposes only and does not constitute financial advice. Flipster makes no recommendations or guarantees in respect of any digital asset, product, or service. Trading digital assets and digital asset derivatives comes with a significant risk of loss due to its high price volatility, and is not suitable for all investors. Please refer to our Terms.