Key Points
- Bitcoin is trading near $68k ahead of important US economic data release.
- Traders are bracing for the PCE data which they hope will upend the status quo for BTC's price action.
Bitcoin is currently trading right below $68k, ahead of an important macroeconomic data release in the US - the PCE data.
According to the latest data coming from TradingView, BTC's price action is lacking force.
After running into a range high and market supply $72k, bulls have lacked sustained momentum above $70k, according to the popular trader Skew who shared his thoughts about the market via X.
He said that we can see the waning momentum behind prices and structurally, $66k - $65k is quite important for buyers to step in on 1D basis.
He noted that RSI is still above 50 + 4H/1D trend respected so far on this current price dip.
US PCE data is due on May 31
The US is expecting macro data prints. These involve jobless claims and the first revision of Q1 GDP, both being potential volatility catalysts for crypto and risk assets, in case the results differ from expectations.
According to recent reports, unemployment figures in particular have served to upend market behavior in 2024.
Skew also commented about the releases today and said that actually pretty massive macro data is set to come out.
The Federal Reserve's Personal Consumption Expenditures Price Index (PCE) is due on May 31.
BTC optimistic expectations
Despite the recent prices, optimism remains in the market.
For instance, even if Bitcoin has reportedly spent 42 days in the "boredom zone", as pseudonymous crypto trader CryptoCon said in a post on X today, this is not something unusual.
He explained that this is part of healthy price action and using volatility, we can measure boredom in the market which translates into a lack of price action.
He also said that boredom periods are much shorter than excitement and expansion and such times of low volatility are crucial to build support for the next leg up.
Programmability on the Bitcoin network is also seen as a potential catalyst for the coin and the entire ecosystem.
