Bitcoin (BTC) has encountered strong resistance near the $70,000 threshold after briefly surpassing it on May 28, retreating to $68,430 as the market anticipates upcoming significant macroeconomic data releases. The cryptocurrency’s price dynamics have shown a lack of forward thrust, sticking close to key support levels. Recent efforts to sustain prices above $67,000 have highlighted this threshold as a critical battleground for investors aiming to drive the price upward again.

Market analyst Skew noted that following resistance near $72,000, it has been challenging for bulls to maintain a strong presence above the $70,000 mark. Skew’s analysis also pointed to decreasing momentum, as reflected by the Relative Strength Index (RSI) readings, which suggest that any further declines in price might find a floor around $65,000. He observed that sellers have been quick to capitalize on price increases, with only a modest amount of buying interest defending the $67,000 level. Skew mentioned that this point could be pivotal for buyers looking to propel prices toward $70,000.

Trader Roman commented on the declining trading volume as Bitcoin revisits the lower spectrum of its short-term trading range. He remains optimistic about potential bullish developments as Bitcoin nears its support levels, suggesting that the combination of low volume and reduced prices might indicate a weak downtrend. On his social media platform X, Roman conveyed his strategy of seeking opportunities for short-term reversals near these levels to establish long positions.

The market is bracing for the forthcoming release of U.S. economic indicators, including jobless claims and the first revision of Q1 GDP. These data points are highly anticipated, as they could significantly sway both the cryptocurrency market and other risk-sensitive assets. Market participants are on high alert for any deviations from expected figures, which could trigger notable volatility across financial markets.