Bitcoin Stalls at $67K as Traders Await US Macro Data
2 min read
Bitcoin Stalls at $67K as Traders Await US Macro Data
Bitcoin struggled to gather momentum as it aimed for figures closer to $70,000 on May 30, with traders bracing themselves for significant macroeconomic data releases.
The BTC price action showed a distinct lack of force and remained close to its nearby support levels. With four instances in recent days where it touched $67,000, this level proved crucial for bullish traders. These traders, despite their efforts, found it hard to push past the overhead resistance.
A well-known trader, Skew, commented on how bulls lost steam after hitting the range high and market supply at $72K. According to Skew, the bulls failed to maintain their movement above the $70K mark, highlighting a drop in momentum based on signals from the relative strength index (RSI). He predicted that any further decline would need to bottom out around $65,000.
Skew also observed that the recent BTC price movements saw takers selling into the bounce, with sparse supply bids defending the $67K mark. This indicates there’s an opportunity for buyers if they want to push the price towards $70K again.
Roman, another trader, noted that the volume was decreasing whenever the price revisited the lower end of the short-term range. He expressed optimism by pointing out the bullish price action near the support levels, suggesting that the scenario of a non-confident downtrend (low volume plus lower price) could set the stage for potential short-term reversals.
The main focus of the day, Centered around impending U.S. macroeconomic data releases. These included jobless claims and the first revision of the Q1 GDP, both of which have the potential to cause volatility in crypto and other risky assets if the results vary from expectations.
Historically, unemployment figures have significantly impacted market behavior, shaking up trends and predictions. With both jobless claims and GDP numbers on the horizon, many traders were on edge, anticipating how these data points would influence market dynamics.
Skew mentioned that the day promised to be quite a significant one from a macro perspective, extending through the end of the week and month. He indicated that the forthcoming releases could alter the market’s course.
To add to this, the Producer Price Index (PCE), a crucial inflation gauge favored by the Federal Reserve, was scheduled for release on May 31, further heightening the sense of anticipation among traders and analysts alike.
Bitcoin’s price action was met with challenges as it approached critical levels, with traders taking a cautious stance ahead of important macroeconomic data releases that could inspire significant market movements.
The market is all talk and no action. Tired of seeing Bitcoin fail to gather real momentum.
Bitcoin has been stuck at $67K too many times. Feels like a weak investment lately. 👎😡
Another day, another letdown with Bitcoin. Hard to keep being optimistic when RSI signals drops.
With $67K as a strong support, the next breakthrough might just be around the corner. Go Bitcoin! 🚀💰
Romans take on low volume is insightful. A reversal might be on the horizon!
Prepared for a wild ride with all the upcoming data! Bitcoin is holding strong – bullish days ahead?
Decreasing volume is just icing on the cake. Hard to understand why anyone’s excited about these prices. 🥱📊
Skew’s analysis on RSI and market supply is on point. Let’s watch how the bulls react in the coming days! 🙌🔍
Skew and Roman both have great points. If we get some favorable macro data, Bitcoin could see a serious rally!
These constant struggles are exhausting. Bulls not pushing through overhead resistance is just disappointing.
Skew’s RSI insights are spot on. Let’s hope the next wave of macro data propels us past $70K! 📈💡
Skew and Roman’s analysis give a balanced view. Anticipating how this all plays out with the economic data release! 📊🔄
Skew’s analysis is just depressing. Bulls losing steam and low volume not a great combo.
Every resistance is just a challenge to be overcome. Go bulls! Let’s hit $70K and beyond!
Anticipating data releases is just an excuse. BTC prices should be more resilient by now. Lost faith. 😑🪙
K holding the line gives me confidence. Looking forward to how the market reacts post-GDP and jobless claims data. 📉➡️📈
Bitcoin can’t seem to break through. Whats the point of all this hype if it cant even hit $70K consistently?
BTC faces resistance now, but with some favorable data, we could see a new high. Keeping optimistic!
The resilience at $67K is commendable. Looking forward to how macro releases will shake things up!
The BTC struggle adds to its charm! With macroeconomic data coming in, we could see thrilling moves soon! 🌟📊
The $70K dream is still alive! Let’s see if upcoming macro data gives the market the necessary boost.
Always fascinating to see how macro data influences BTC! Traders, stay sharp; we could see some interesting movements soon.
Bitcoin approaching critical levels? More like constantly failing to meet expectations. Losing confidence here.
Stop trying to sugar-coat it. Bitcoin really struggled recently, and the price actions are just plain discouraging.
Why does it always feel like Bitcoin’s soaring days are behind us? Just not seeing the bullish moves anymore. 😕🚀
K holding strong, great news for the bullish crowd! Can’t wait to see Bitcoin break through the resistance and soar higher.
The intersection of macroeconomic data and BTC’s price is always intriguing. Hoping for some good news to drive the market up!
Proud of how far Bitcoin has come! The $70K mark is just around the corner; a little more push, and we’ll be there!
Seems like nothing but bad news recently. If Bitcoin can’t handle macro pressures, it’s not worth it. 😤📉
Watching the BTC charts like a hawk. $67K seems solid enough – fingers crossed for some positive data! 🦅📈
Seriously? Still no momentum for Bitcoin? Feels like a never-ending waiting game!
Every dip is an opportunity! Excited to see how traders adapt to the upcoming economic data. 📉➡️📈
Excited to watch how Bitcoin navigates through these resistance levels. Could see some fireworks with the upcoming economic data!
Interesting insights from Skew. Staying above $70K is tough, but with strong support at $67K, anything is possible! 💪📊
Nothing like some good macro news to help Bitcoin gather momentum. Stay tuned, exciting times ahead!
So tired of hearing about potential short-term reversals. Just show me some solid long-term growth!
Love Roman’s optimism! Decreasing volume could indeed lead to a bullish reversal. Time for the bulls to shine! 🌟🚀
Roman’s insights give me hope! The bullish action near support suggests we’re not done yet. Fingers crossed for some positive macro data!
It’s all about timing and persistence. The $67K support seems solid, a great place for bullish traders to regroup. Let’s see what the upcoming data brings!
Exciting times ahead for BTC! The $70K mark is within reach if the bulls push hard enough. Keep an eye on the macroeconomic data, it might just be the catalyst we need!
The excitement over macroeconomic data releases feels overblown. Bitcoin should be stronger than this! 😫💸
The anticipation around the Fed’s PCE release is making the crypto market even more thrilling! Will it help us cross the $70K line? 🏁🤔
Skew is right; macro data could pivot the market. Stay tuned for game-changing movements!