Bitcoin (BTC) failed to attract bids close to $70,000 on May 30 as traders prepare for a “pretty large” macroeconomic data release.
BTC Price: Bulls “Lacked Sustained Momentum”
Data from Cointelegraph Markets Pro and TradingView shows that BTC price action is lacking momentum as it breaks away from nearby support levels.
The four wickets at $67,000 in recent days have established the importance of that level as a line in the sand to hold for the bulls. The bulls nevertheless struggled to muster the strength to revisit overhead resistance.
“After reaching the top range and market supply of $72,000, the bulls lacked sustained momentum above $70,000,” popular trader Skew wrote as part of his latest market update on X (formerly Twitter).
Skew indicated “weakening momentum” based on Relative Strength Index (RSI) signals, suggesting further declines to around $65,000 are needed.
In a follow-up comment on the most recent BTC price action, he added, “Taker sold on the bounce, and supply was somewhat tight due to limited spot bids defending the low price ($67,000).”
“If a buyer wants to change the price to $70,000, this is the place.”
Fellow trader Roman noted declining volume with a revisit to the lower end of the short-term range.
“One of the things I really like is the bull PA that exists when we drop support,” he told X followers the day before.
“Low volume + low price = a downtrend with no confidence. Again, it takes a long time to find an LTF reversal in this area.”
Unemployment claims take priority over PCE printing.
Nonetheless, the main event of the day centered around the upcoming U.S. macro data print.
Related: BTC Price Ready for ‘Most Parabolic Phase’ — 5 Things to Know in Bitcoin This Week
This takes the form of unemployment claims and the first revision of GDP for the first quarter. It is a potential volatility catalyst for cryptocurrencies and risk assets if results are not as expected.
As Cointelegraph reported, unemployment figures in particular have contributed to reversing market action this year.
“There are actually going to be a ton of macro days between today and the end of this week,” Skew said of the release.
The Federal Reserve’s preferred inflation measure, the Producer Price Index (PCE), is scheduled to be released on May 31.
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