Bitcoin (BTC) price fluctuated between $67,000 and $69,000 in the days following the U.S. Memorial Day holiday, but fell to near this week's low during Friday's morning trading session. As of 11:45 a.m. ET, Bitcoin was trading at $67,300, down 1 percent in the past 24 hours and down more than 2 percent from its high two hours earlier. Still, May remained strong for Bitcoin, up 11 percent since $60,000 at the beginning of the month.
Other risk assets such as U.S. equities also underperformed this week. The Nasdaq fell about 2% and the S & P 500 Index fell about 1.5%. On the economic data front, the core PCE price index rose 2.8% year-on-year in April, in line with expectations. The Chicago PMI fell to 35.4 in May, setting a new low since the 2008/2009 financial crisis and the 2020 Covid lockdown.
Looking ahead to June, next week's national PMI report and jobs report are expected to provide more clarity on the U.S. economy. If confirmed that economic conditions are slowing and bring with it the prospect of lower interest rates, it could serve as a catalyst for Bitcoin to break above the all-time high of $73,000 set in March. Otherwise, strong economic data could cause Bitcoin to retest its May low.
Analysis: Bitcoin hits weekly low, June data may bring breakout opportunity
2024-05-31 17:42:14
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