“Bitcoin bulls faced strong resistance around $70,000,” described popular trader Skew regarding the current market situation. After briefly surpassing this mark on May 28, Bitcoin fell back to $68,430 as traders brace for significant macroeconomic data releases. Skew also noted a diminishing momentum, evident from the Relative Strength Index (RSI) signals, and speculated that support might emerge around $65,000.
Another notable trader, Roman, emphasized the declining trading volumes as Bitcoin attempts to revisit the lower end of its short-term range. He expressed optimism about a potential price reversal, stating: “Low volume plus low price equals an unconfident downtrend.” Roman anticipates opportunities to open long positions if such a scenario unfolds.
With upcoming data on unemployment and the first revision of the US GDP for the first quarter on the horizon, the cryptocurrency market remains tense, as these figures could induce significant volatility not only in the realm of cryptocurrencies but also in other risk assets.ΠΌ