Bitcoin (BTC) struggled to gain momentum as it approached the $70,000 mark on May 30. Traders were cautious ahead of a significant release of macroeconomic data. BTC’s price action showed a lack of motivation as it tested nearby support levels. The $67,000 mark proved to be crucial for bulls, but they struggled to break through overhead resistance. Popular trader Skew highlighted the weakening momentum based on the relative strength index (RSI) signals and suggested that a bottom around $65,000 was needed if there was further downside. Traders also noticed declining volume as BTC dropped into support levels. The focus of the day was on the upcoming macro data releases in the United States, including jobless claims and the first revision of Q1 GDP. These releases could potentially impact the crypto and risk-asset markets. The Federal Reserve’s preferred inflation gauge, the Producer Price Index (PCE), is also set to be released on May 31.
Bitcoin traders prepare for impact of US macroeconomic data as BTC price remains stagnant at $67K.