Bitcoin Struggles Near $70K Mark Ahead of Major US Macroeconomic Data Releases
Summary:
Bitcoin's value failed to stimulate buying interest near the $70,000 level on May 30th, as traders braced for crucial macroeconomic data. The significance of the $67,000 mark has been confirmed but efforts to push past resistances have been weak. Analysts are watching for influential US economic data releases such as jobless claims and the first revised Q1 GDP figures which could impact the cryptocurrency and risk-asset markets.
Bitcoin's value didn't see much buying interest closer to $70,000 on May 30th as investors braced for influential macroeconomic data releases. According to data from Cointelegraph Markets Pro and TradingView, the BTC price action revealed a lack of urgency, continually testing immediate support levels. The significance of the $67,000 level has been confirmed by four recent dips without breaching it, highlighting it as a crucial threshold for Bitcoin backers. However, their attempts to push past resistances have been lacking.
Popular trader Skew noted their inability to maintain strong momentum above the $70,000 mark in a recent market analysis on X (previously Twitter). He pointed to weakening momentum evidenced by signals from the relative strength index (RSI), suggesting that a further decline would need to find support around $65,000. He also observed that the Bitcoin's price rise was met with increased selling activity, and noted that a limited number of bids were defending the $67,000 low. He proposed that it was prime time for buyers wanting to propel prices towards $70,000.
Trader Roman highlighted the decreasing trading volume when prices retested the lower end of the current short-term range. He expressed his optimism about the bullish price action (PA) that was observed as prices approached support levels. He noted the combination of weaker trading volume and a decrease in price, indicating an unconvincing descending trend and expressed his preference for short-term reversals in this price range for opening long positions.
The key events to watch out for were the forthcoming major US economic data releases. These include both the jobless claims statistics and the first revision of Q1 GDP - any variations from anticipated figures could cause volatility in both the crypto and risk-asset markets. As has been reported by Cointelegraph, jobless figures have consistently disrupted the markets this year.
Skew also stressed the importance of the upcoming data releases, referring to them as "pretty massive" in terms of their potential impact on the markets. The Federal Reserve's preferred measure of inflation, the Producer Price Index (PCE), is due for release on May 31.
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Published At
5/30/2024 1:38:51 PM
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