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Before the release of key economic data, Bitcoin fell below $69,000.
Since briefly breaking through the $70,000 mark on May 28th, Bitcoin (BTC) has been facing strong resistance near the $70,000 level. As traders prepare for the release of important macroeconomic data, Bitcoin has rebounded to $68,000.
Bitcoin traders witness market downturn
As of the time of writing, the value of Bitcoin is $68,301.92, an increase of 0.7% from yesterday and 2.0% from 7 days ago. Currently, the global cryptocurrency market cap is $2.67 trillion with a slight change of 0.46% in the past 24 hours. The market cap of Bitcoin (BTC) is currently $1.35 trillion, indicating a dominance of 50.33%.
At the same time, the market capitalization of stablecoins is 161 billion US dollars, accounting for 6.03% of the overall market capitalization of cryptocurrencies. The price trend of Bitcoin lacks momentum and is approaching nearby support levels. Recent attempts to keep the price above $68,000 highlight the significance of this level. The trend of the currency is challenging to break through the resistance zone above this threshold.
In the recent market update, Skew, a well-known trader on X, pointed out that the bulls have been facing challenges in maintaining momentum above $70,000. Earlier this week, the traders encountered resistance around $72,000.
Skew also noticed a decrease in momentum, as indicated by the Relative Strength Index (RSI) signal. Skew suggests that any additional price drop should find support around $65,000. In addition, he also mentioned that sellers are profiting from price movements, and the defense provided by spot bids at the $67,000 low is limited. Skew added, "If buyers want to push the price to $70,000, here is the place."
Maintaining the inflow of funds for BTC ETF
Despite the decrease in net inflows, the US BTC spot ETF market has had no net outflows for twelve consecutive trading days.
US economic indicators pushed Bitcoin to a high of $69,485, then fell to below $68,000. As of the week ending May 25, initial jobless claims in the United States rose from 216,000 to 218,000.
In the first quarter of 2024, the US economy grew by 1.3%, in line with the initial forecast of 1.3%. However, the growth stopped in the fourth quarter of 2023.
Investors remain uncertain about the direction of the Federal Reserve's interest rates before the release of the US personal income and expenditure report. On Thursday, the CME FedWatch tool raised the probability of a Fed rate cut from 47.0% to 50.6%, despite changing bets on a rate hike in September.
The inflation data of American TRON and the positive trends in personal income and spending may weaken investors' expectations of a September rate cut by the Fed.
The Federal Reserve's more cautious approach to interest rates could affect buyers' interest in risk assets. US BTC spot ETF market flow data is critical in determining BTC price trends.
Trader monitors market data
As the weekend approaches, traders are closely following the upcoming release of US macroeconomic data. This includes the initial jobless claims and the first revision of Q1 GDP. Any unexpected results from these indicators could lead to significant fluctuations in cryptocurrencies and other risk assets.
The price of Ethereum is $3,724.08, a slight decrease of 0.4% compared to one hour ago. However, it has increased by 0.2% since yesterday. The current value of ETH has increased by 1.5% in the past 7 days. The fear and greed index of BTC is 73.
(Source: cryptopolitan)#GateioInto11##PIGCOIN##SOLS##BOME# 
