Bitcoin Faces Monthly Downturn Amid Anticipation of US PMI Data
- Bitcoin (BTC) traded around $73,500 on Sunday, down over 3% for May.
- US labor-market data is expected to drive volatility in crypto and risk assets next week.
- Analysts suggest that a close above $73,000 could confirm a double bottom breakout for Bitcoin.
- US stocks reached new all-time highs, but Bitcoin did not benefit from easing geopolitical tensions.
- Traders anticipate BTC to remain within the $60K-$80K range due to key trend lines nearby.
As Bitcoin approaches the end of May, it appears set to close “in the red,” with significant focus on upcoming US PMI data which could influence its price action. Analysts are closely monitoring the $73,000 level as a critical point for potential upward movement.
Currently down over three percent this month, Bitcoin’s performance will be pivotal as traders look for a monthly close above $73,000 to indicate bullish momentum.(Source)
