Bitcoin (BTC) is facing strong resistance near the $70,000 mark since briefly surpassing it on May 28, and has traded back down to $68,430 as traders braced themselves for a significant macroeconomic data release. Bitcoin’s price action showed a lack of momentum, grinding against nearby support levels. Recent attempts to hold above $67,000 have underscored the importance of this level for bulls, who have found it difficult to push the price back up to overhead resistance zones.
Popular trader Skew noted in a recent market update that after encountering resistance around $72,000, bulls have struggled to maintain momentum above $70,000. Skew also pointed out a “waning momentum,” as indicated by relative strength index (RSI) signals, suggesting that any further price dips should find support around $65,000. He added that recent price movements saw sellers taking advantage of bounces, with limited spot bids defending the $67,000 low. “It’s here if buyers wanna swing price towards $70K,” Skew commented.
Another trader, Roman, observed declining volume on Bitcoin’s revisits to the lower end of its short-term range. He expressed optimism about the bullish price action (PA) emerging as Bitcoin approached support levels. “Low volume + lower price = a non-confident downtrend,” Roman shared with his followers on X. He indicated that he was looking for short-term reversals in this area to initiate long positions.
The upcoming U.S. macroeconomic data prints include jobless claims and the first revision of Q1 GDP, both of which have the potential to cause significant volatility in crypto and other risk assets if the results deviate from expectations.