Bitcoin Struggles Below $70,000 Ahead of Key Economic Data Release

Bitcoin Struggles Below $70,000 Ahead of Key Economic Data Release

Bitcoin (BTC) faced strong resistance near the $70,000 level after briefly surpassing that level on May 28 and falling to $68,430 as investors braced themselves for a major macroeconomic data release. Bitcoin’s price action showed a lack of momentum and moved towards nearby support levels. Recent attempts to hold above $67,000 underlined the importance of this level for the bulls, who are struggling to push the price up to overhead resistance zones.

Popular trader Skew noted in his last market update that the bulls are struggling to maintain momentum above $70,000 after encountering resistance near $72,000. Skew also noted a “weak momentum” as shown by relative strength index (RSI) signals, suggesting that further price declines will find support near $65,000. He added that recent price movements have shown that sellers have benefited from the bounces and limited spot bids have maintained the $67,000 low. Skew commented, “If buyers want to turn the price towards 70 thousand dollars, it is here.”

Another trader, Roman, observed volume decreasing on Bitcoin’s revisits to the lower end of its short-term range. He expressed optimism about the bullish price action (PA) emerging as Bitcoin approaches support levels. “Low volume + low price = an unsafe downtrend,” Roman said in his post with his followers on X. He stated that he is looking for short-term returns in this area to initiate long positions.

Upcoming US macroeconomic data pressures include unemployment claims and the first revision of first quarter GDP; Both of these have the potential to cause significant volatility in crypto and other risk assets if results deviate from expectations.