Originally published on: May 30, 2024
Bitcoin traders are eagerly anticipating the release of key macroeconomic data from the US as the price of BTC remains stagnant around $67,000. Despite multiple attempts to break the $70,000 barrier, Bitcoin has struggled to gain momentum, with support at $67,000 proving crucial for bullish traders.
According to market analysts, the lack of sustained momentum above $70,000 indicates waning strength in the market. The relative strength index (RSI) signals point to a potential bottom at $65,000 if the price continues to decline. However, thin market supply and limit spot bids defending the $67,000 level suggest that there is still some bullish sentiment present.
Volume on revisits to the lower end of the short-term range has been declining, but traders have noted positive price action as Bitcoin drops into support levels. The upcoming US macro data releases, including jobless claims and the first revision of Q1 GDP, are expected to be significant catalysts for volatility in the crypto market and other risk-assets.
The Federal Reserve’s Producer Price Index (PCE) is also set to be released soon, adding to the anticipation surrounding the macroeconomic data. Traders are advised to conduct their own research and exercise caution when making investment decisions, as every move in the market carries risks.
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