Bitcoin Price Eyes Recovery as Key US Economic Data Approaches

Bitcoin is on track to close May with a loss of around 6%, as it continues to trade below key resistance levels near $74k and is trading around 72,800. Despite stronger performances in traditional financial markets and easing geopolitical concerns, Bitcoin has struggled to gain upward momentum heading into the monthly close.

Market participants are now turning their attention to upcoming U.S. economic data, particularly the Institute for Supply Management (ISM) Manufacturing Purchasing Managers’ Index and labor market reports. These indicators are expected to influence investor sentiment across risk assets, including cryptocurrencies.

Bitcoin Support Levels Remain in Focus

Several analysts believe the $73,000 level remains critical for Bitcoin’s short-term outlook. Holding above this area could strengthen the case for a potential breakout from a developing double bottom pattern on higher timeframes.

Traders Monitor Range Between $60,000 and $80,000

Technical analysts also note that Bitcoin is trading near major long term support indicators, including the weekly 200-day moving averages. As a result, the market may continue moving within a broad $60,000 to $80,000 range until a stronger catalyst emerges.

Investors will closely watch next week’s economic releases for signs that could drive the next major move in Bitcoin prices.