Bitcoin traders brace for US macro data with BTC price stuck at $67K

Bitcoin (BTC) failed to attract bids nearer $70,000 on May 30 as traders prepared for a “pretty massive” macroeconomic data release.

BTC/USD 1-hour chart. Source: TradingView

BTC price: Bulls “have lacked sustained momentum”

Data from Cointelegraph Markets Pro and TradingView showed BTC price action lacking impetus as it ground away at nearby support.

Four wicks toward $67,000 in recent days established that level’s importance as a line in the sand to maintain for bulls, who nonetheless struggled to muster the strength to revisit overhead resistance.

“After running into range high & market supply $72K, bulls have lacked sustained momentum above $70K,” popular trader Skew wrote in part of his latest market update on X (formerly Twitter).

Skew flagged “waning momentum” based on relative strength index (RSI) signals, suggesting that any further downside needed to bottom at around $65,000.

“Takers sold into the bounce, supply is kinda thin with limit spot bids defending the low ($67K),” he added in subsequent commentary about the most recent BTC price moves.

“It’s here if buyers wanna swing price towards $70K.”BTC/USD 1-day chart. Source: Skew/X

Fellow trader Roman noted declining volume on revisits to the lower end of the short-term range.

“One thing I am really liking is the bull PA that’s present as we’re dropping into support,” he told X followers the day prior.

“Low volume + lower price = a non confident downtrend. Again, looking for LTF reversals in this area to take longs.”BTC/USDT 1-day chart. Source: Roman/X

Jobless claims precede PCE print

The day’s main event nonetheless revolved around the upcoming United States macro data prints.

Related: BTC price preps ‘most parabolic phase’ — 5 things to know in Bitcoin this week

These take the form of both jobless claims and the first revision of Q1 GDP — both potential volatility catalysts for crypto and risk-assets should the result differ from expectations.

As Cointelegraph reported, unemployment figures in particular have served to upend market behavior this year.

“Actually pretty massive macro day tbh today & into end of the week /…

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