Bitcoin Faces May Downturn Amid Anticipation of US PMI Data
- Bitcoin (BTC) hovered around $73,500 on Sunday, reflecting a decline of over 3% for May.
- The upcoming US labor-market data is expected to influence volatility in both crypto and risk assets.
- Analysts suggest that closing above $73,000 could confirm a potential double bottom breakout for BTC.
- US stocks reached new all-time highs, but Bitcoin did not benefit from improved geopolitical conditions.
- Traders predict Bitcoin may trade within the $60K-$80K range as key trend lines remain influential.
As Bitcoin approaches the end of May “in the red,” market participants are closely watching the Institute for Supply Management (ISM) Manufacturing Purchasing Managers’ Index (PMI) data for potential price movements. The current trading environment suggests that BTC’s performance may closely follow shifts in economic sentiment and risk appetite.
With BTC/USD down by over three percent this month, analysts emphasize that maintaining a close above $73,000 is crucial for confirming bullish trends moving forward. (Source)
