Bitcoin (BTC) failed to attract bids nearer $70,000 on May 30 as traders prepared for a “pretty massive” macroeconomic data release.
BTC price: Bulls "have lacked sustained momentum"
Data from Cointelegraph Markets Pro and TradingView showed BTC price action lacking impetus as it ground away at nearby support.
Four wicks toward $67,000 in recent days established that level’s importance as a line in the sand to maintain for bulls, who nonetheless struggled to muster the strength to revisit overhead resistance.
“After running into range high & market supply $72K, bulls have lacked sustained momentum above $70K,” popular trader Skew wrote in part of his latest market update on X (formerly Twitter).
Skew flagged “waning momentum” based on relative strength index (RSI) signals, suggesting that any further downside needed to bottom at around $65,000.
“Takers sold into the bounce, supply is kinda thin with limit spot bids defending the low ($67K),” he added in subsequent commentary about the most recent BTC price moves.
“It's here if buyers wanna swing price towards $70K.”
Fellow trader Roman noted declining volume on revisits to the lower end of the short-term range.
“One thing I am really liking is the bull PA that’s present as we’re dropping into support,” he told X followers the day prior.
“Low volume + lower price = a non confident downtrend. Again, looking for LTF reversals in this area to take longs.”
Jobless claims precede PCE print
The day’s main event nonetheless revolved around the upcoming United States macro data prints.
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These take the form of both jobless claims and the first revision of Q1 GDP — both potential volatility catalysts for crypto and risk-assets should the result differ from expectations.
As Cointelegraph reported, unemployment figures in particular have served to upend market behavior this year.
“Actually pretty massive macro day tbh today & into end of the week / month,” Skew commented about the releases.
The Federal Reserve’s preferred inflation gauge, the Producer Price Index (PCE), is due on May 31.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
