Bitcoin prices have remained in a very tight trading range around $68,000 since the US Memorial Day holiday, and were just shy of the week’s low during Friday morning trading hours.
At 11:45 a.m. ET, the price of Bitcoin was at $67,300, down 1% in the last 24 hours and down 2% from its high of $69,000 two hours ago. CoinDesk 20 also showed a 1.1% decline on the last day.
Nonetheless, May was a positive month for Bitcoin, with the price rising 11% since opening at around $60,000. However, this growth pales in comparison to the CoinDesk 20’s 20% surge, driven largely by a 31% rise in the price of Ethereum following renewed optimism about spot ETFs.
Bitcoin’s recent sluggish activity coincides with struggles for other risk assets, particularly U.S. stocks, due to stagflation concerns. Economic indicators are showing mixed signals, with the bond market showing an upward trend amid news of an economic slowdown.
The upcoming US economic report ahead of June could provide clarity and potentially act as a catalyst for Bitcoin price action. If economic data suggests weakening conditions and interest rate cuts, Bitcoin could hit a new all-time high, surpassing the $73,000 it set in March. Conversely, strong economic data could lead to a retest of the May lows.
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