Bitcoin
Bitcoin struggles below $70,000 ahead of key economic data release
Bitcoin struggles below $70,000 ahead of key economic data release
Bitcoin (BTC) has been facing stiff resistance near the $70,000 mark since briefly surpassing it on May 28, and traded back towards $68,430 as traders prepared for a significant macroeconomic data release. Bitcoin price action showed a lack of momentum, grinding against nearby support levels. Recent attempts to hold above $67,000 have highlighted the importance of this level for bulls, who have found it difficult to push the price back into overhead resistance zones.
Popular trader Skew observed in a recent market update that after encountering resistance around $72,000, bulls have been struggling to maintain momentum above $70,000. Skew also pointed to “decreasing momentum,” as indicated by signals from the relative strength index (RSI), suggesting that any further price declines should find support around $65,000. He added that recent price movements have seen sellers take advantage of rallies, with limited cash offers defending the $67,000 low. “It’s here if buyers want to raise the price to $70,000,” Skew commented.
Another trader, Roman, noted decreasing volume on Bitcoin’s revisits to the lower end of its short-term range. He expressed optimism about bullish price action (PA) emerging as Bitcoin approaches support levels. “Low volume + lower price = an unreliable downtrend,” Roman shared with his followers on X. He indicated that he was looking for short-term reversals in this area to initiate long positions.
Upcoming US macroeconomic data includes jobless claims and the first review of Q1 GDP, both of which have the potential to cause significant volatility in cryptocurrencies and other risk assets if results deviate from expectations.