The arrival of the weekend has brought about increased volatility for Bitcoin. It is a well-known trend in the crypto industry that weekends often bring negative trading sentiments, and this weekend is no exception. Bitcoin is struggling to maintain its $70,000 price level ahead of key economic data releases.
Bitcoin has been facing strong resistance near the $70,000 mark since briefly surpassing it on May 28. Currently, it has traded back to $68,000 as traders brace themselves for the release of significant macroeconomic data.
As of now, Bitcoin’s value stands at $68,301.92, showing a 0.7% increase compared to yesterday and a 2.0% increase compared to seven days ago. The global crypto market cap currently stands at $2.67 trillion, with a slight 0.46% change in the last 24 hours. Bitcoin’s market cap stands at $1.35 trillion, indicating a dominance of 50.33%.
Stablecoins have a market cap of $161 billion, representing a 6.03% share of the overall crypto market cap. Bitcoin’s price action has lacked momentum and has been struggling to maintain a price above $68,000. The recent attempts to break through this level have highlighted its criticality, but it has been challenging to ascend past resistance zones.
Skew, a well-known trader, pointed out that bulls have been facing challenges in maintaining momentum above $70,000. Resistance was encountered around $72,000 earlier this week. Skew also noted a decrease in momentum, as indicated by the relative strength index (RSI) signals. He suggests that any additional price drops should find support around $65,000.
Despite declining total net inflows, the US BTC-spot ETF market has maintained a twelfth consecutive session without net outflows. Bitcoin was propelled to a high of $69,485 by indicators from the US economy before declining to below $68,000. Jobless claims in the United States rose slightly, and the growth of the US economy remained unchanged from the initial estimate.
Investors remain uncertain about the direction of Federal Reserve interest rates, and the upcoming US Personal Income and Outlays report could provide more clarity. Strong US inflation numbers and positive personal income and spending trends could dampen expectations for a September rate cut.
Traders are closely monitoring the upcoming US macroeconomic data prints, including jobless claims and the first revision of Q1 GDP. Unexpected results from these indicators could lead to significant volatility in the crypto and other risk assets.
In addition to Bitcoin, Ethereum’s value currently stands at $3,724.08, experiencing a slight decline of 0.4% compared to an hour ago. Solana’s value stands at $166.32, reflecting a slight increase of 0.3% in the last hour.
