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Dow Jones gives a spectacular 700 point jump on open, BTCUSD slides more than 1%

Wall Street gave a spectacular opening on Friday. The jobs lost during the peak of the pandemic have started coming back. BTC
Wall Street gave a spectacular opening on Friday. The jobs lost during the peak of the pandemic have started coming back. BTCUSD lost some steam and declined.

If May was the month of the scary unemployment figures, the first week of June has brought a beam of joy with a sharp increase in employment reports.

The brilliant employment stats that came late on Thursday immediately reflected on the opening of the stock markets on Friday. BTCUSD, however, slid by approximately 1%.

Dow Jones, S&P 500 outshine Bitcoin

The massive gain on open by the US benchmark indices made Bitcoin’s shine dim. BTCUSD investors rushed as they smelled profits coming from the stock markets.

With this rise, the benchmark Dow Jones Industrial Average Index or DJX was down by 5.4%. It recovered from a decline of 34.6% this year. The broader S&P 500 was down by 1.6% with this rise on Friday.

Bitcoin showed positive signs earlier. But with the anticipation of the grand rise of Wall Street today, BTCUSD kept losing steam. It fell below the crucial support of $9,621 and slid to $9,592.

Airline stocks shine, jobs witnessed a massive rise as economy reopened

The opening of the economy was an excellent sign. The unemployment figures that were staggering earlier dropped dramatically. It shows that the job losses were not permanent. However, such a swift recovery was perhaps not anticipated, even by the US President, Donald Trump.

Trump’s series of tweets perhaps is evidence of the sweet surprise. He wrote: “It’s a stupendous number. It’s joyous, let’s call it like it is. The Market was right. It’s stunning! @jimcramer @CNBC.

  • Airplane manufacturer Boeing gained more than 10.76% and is trading at $203.83.
  • Exxon Mobil is up by 7% and is at $52.47.

BTCUSD tests support but maintain its ground

Source: TradingView.com

BTCUSD is currently trading at around $9,700. The BTCUSD hourly-chart shows the weakening in the Bitcoin prices.

It could have caused the swing traders to turn towards Wall Street fro now. However, this decline does not mean that BTCUSD is taken over by Bears. Technical indicators are presently neutral for BTC.

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