Bitcoin traders prepare for release of US macroeconomic data as BTC price remains stagnant at $67K

Bitcoin (BTC) struggled to gain momentum near the $70,000 mark as traders awaited the release of important macroeconomic data. The price of BTC showed a lack of impetus as it hovered around nearby support levels. The $67,000 mark proved to be crucial for bulls, but they struggled to push the price above overhead resistance. The relative strength index (RSI) signals indicated a waning momentum, suggesting that any further downside would likely bottom out at around $65,000. Despite thin supply and limit spot bids defending the low, traders sold into the bounce. Volume declined on revisits to the lower end of the short-term range, indicating a bullish price action. The main focus of the day was the release of United States macro data, including jobless claims and the first revision of Q1 GDP, which could potentially cause volatility in the crypto and risk-asset markets. The Federal Reserve’s preferred inflation gauge, the Producer Price Index (PCE), is scheduled to be released on May 31. As always, readers should conduct their own research and exercise caution when making investment decisions.