Bitcoin Stuck in Trading Range as Macro Conditions Weigh
As #Bitcoin (BTC) continues to trade within a narrow range of $67,000-$69,000, investors are awaiting potential catalysts that could break the coin out of its current limbo.
While the cryptocurrency market has been relatively flat this week, other risk assets such as U.S. stocks have also struggled, with the #Nasdaq and S&P 500 experiencing losses.
Macro Conditions
The macroeconomic environment remains a key factor in Bitcoin's price action. The latest U.S. economic data points to a possible slowdown, with the April Core PCE Price Index showing a 2.8% year-over-year increase and the May Chicago PMI plunging to 35.4.
June Catalysts
As June begins, #investors
can expect more clarity on the U.S. economic picture next week with the release of national PMI and employment reports. These data points could prove decisive in determining whether Bitcoin will attempt to breach its all-time high above $73,000 or retest the May lows.
The Verdict
For now, Bitcoin remains stuck in a trading range, waiting for a catalyst to drive it higher or lower. Will June bring the momentum shift that's been missing from the market? Only time will tell.
Stay tuned for more updates on the cryptocurrency market!
My last articles on Binance Square :
- Unlocking the Power of Artificial Intelligence in Cryptocurrencies
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