Bitcoin is poised to close May with a roughly 3% decline, hovering around $73,500 as traders brace for key US PMI data that could influence its price trajectory. Despite a quiet weekend and lackluster performance, analysts are closely watching the $73,000 level, which could serve as a critical support point for a potential rebound. The upcoming Institute for Supply Management (ISM) Manufacturing Purchasing Managers’ Index (PMI) report is anticipated to be a significant catalyst for volatility in both crypto and broader risk assets.
While US stocks reached new all-time highs, Bitcoin failed to capitalize on the positive sentiment stemming from easing geopolitical tensions, particularly regarding US-Iran relations. Analysts suggest that if Bitcoin can maintain a weekly close above $73,000, it may confirm a double bottom breakout, positioning it for a more bullish trend.
Traders should closely monitor the upcoming labor market data, as it could provide insights into Bitcoin’s correlation with risk appetite and overall market dynamics.
Source: cointelegraph.com