June 4, 2024
Bitcoin Price is $68,100, Traders Await U.S. Macroeconomic Data
Bitcoin price today

Bitcoin Price is $68,100, Traders Await U.S. Macroeconomic Data

Thursday, May 30, 2024: Bitcoin Price Today is $68,100, struggling to attract bids near the $70,000 mark as traders braced for a significant macroeconomic data release. According to data from TradingView, BTC’s price action showed a lack of momentum as it approached nearby support levels.

BTC/USD 1-hour chart. Source: TradingView

BTC Price Analysis and Market Sentiment

Recent days have seen four wicks towards $67,000, highlighting the importance of this level as a crucial support line for bulls. However, the bulls found it challenging to gather enough strength to revisit the overhead resistance. Popular trader Skew noted, “After running into range high & market supply $72K, bulls have lacked sustained momentum above $70K,” in his latest market update on X (formerly Twitter).

BTC/USD 1-day chart. Source: Skew/X

Skew pointed to “waning momentum” based on relative strength index (RSI) signals, indicating that any further downside would need to find a bottom around $65,000. He added, “Takers sold into the bounce, supply is kinda thin with limit spot bids defending the low ($67K),” commenting on the most recent BTC price movements.

“It’s here if buyers wanna swing price towards $70K.”

Another trader, Roman, observed declining volume during revisits to the lower end of the short-term range. He mentioned to his X followers, “One thing I like is the bull PA that’s present as we’re dropping into support,” highlighting a positive price action despite the drop into support.

BTC/USDT 1-day chart. Source: Roman/X

“Low volume + lower price = a non confident downtrend. Again, looking for LTF reversals in this area to take longs.”

Impact of Upcoming Macroeconomic Data

The primary focus for the day was on the upcoming U.S. macroeconomic data releases, including jobless claims and the first revision of Q1 GDP. These data points are potential catalysts for volatility in the crypto and broader risk asset markets, especially if the results differ from expectations. As reported this year’s unemployment figures have notably disrupted market behavior. Skew commented on the significance of the upcoming data releases, stating:

“Actually pretty massive macro day tbh today & into end of the week / month.”

In addition to the jobless claims and GDP revision, the Federal Reserve’s preferred inflation gauge, the Producer Price Index (PCE), is set for release on May 31. The combination of these economic indicators is expected to play a crucial role in shaping the market’s direction in the coming days.

Photo by Worldspectrum

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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