Bitcoin (BTC) failed to attract bids nearer $70,000 on May 30 as traders prepared for a “pretty massive” macroeconomic data release.
BTC/USD 1-hour chart. Source: TradingView
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.”BTC/USD 1-day chart. Source: Skew/X
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.”BTC/USDT 1-day chart. Source: Roman/X
Jobless claims precede PCE print
The day’s main event nonetheless revolved around the upcoming United States macro data prints.
Related: BTC price preps ‘most parabolic phase’ — 5 things to know in Bitcoin this week
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 /…
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