Bitcoin preps 3% May downside, but US PMI data may boost BTC price

Bitcoin (BTC) circled $73,500 connected Sunday arsenic bulls stared down 3% BTC terms losses for May.

Key points:

• Bitcoin looks acceptable to extremity May "in the red" arsenic the monthly candle adjacent nears.
• US labor-market information volition signifier the cardinal volatility catalyst for hazard assets adjacent week.
• Bitcoin investigation says that $73,000 is the cardinal enactment to ticker for the monthly close.

Bitcoin eyes "red" May up of cardinal US PMI data

Data from TradingView followed a quiescent play for BTC/USD, which remained wedged nether 2025 yearly lows.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

US stocks finished the week with new all-time highs, but Bitcoin failed to drawback a tailwind from easing geopolitical tensions, notably advancement connected a US-Iran ceasefire.

Commenting connected X, trading assets The Kobeissi Letter quoted US President Donald Trump arsenic saying that helium was “in nary hurry” to get an Iran woody finalized.

Looking ahead, it added, the coming week would beryllium “all astir the labour market,” with US employment information forming a imaginable root of crypto and risk-asset volatility.

That would see the May people of the Institute for Supply Management (ISM) Manufacturing Purchasing Managers’ Index (PMI) — a yardstick for economical output that offered BTC terms enactment immoderate relief successful caller months.

“If bitcoin inactive continues to travel maturation & hazard appetite, it needs to reprice higher from present IMO,” Andre Dragosch, European caput of probe astatine crypto plus manager Bitwise, argued connected X pursuing caller PMI data.

US manufacturing PMI information (screenshot). Source: ISM

Analyst hopes for BTC terms monthly adjacent supra $73,000

With BTC/USD down by conscionable implicit 3% month-to-date, per information from CoinGlass, traders were mostly unimpressed.

Related: Bitcoin investigation eyes crisp rebound aft BTC collapses beneath M2 proviso 'fair value'

BTC/USD monthly returns (screenshot). Source: CoinGlass

“At the moment, the $BTC retest of $73k has been palmy contempt caller downside volatility,” trader and expert Rekt Capital wrote successful his latest X analysis.

“If Bitcoin manages to Weekly Close supra $73k past terms volition beryllium 1 measurement person to confirming the Double Bottom breakout & beryllium positioned to effort to inclination continue.”

Rekt Capital referred to a “W”-shaped bottommost enactment connected the play illustration that formed from precocious February onward.

BTC/USD one-week illustration with treble bottom. Source: Cointelegraph/TradingView

With assorted cardinal inclination lines nearby, trader Daan Crypto Trades saw the macro scope staying successful play for the foreseeable future.

“$BTC Trading astatine its bull marketplace enactment set aft a failed retest the past fewer weeks. The Weekly 200MA & EMA are inactive moving up and closing successful connected terms arsenic well,” helium told X followers. 

“With each these large precocious timeframe play levels astir this area, I would not beryllium amazed to spot america commercialized betwixt $60K-$80K for rather a while.”

BTC/USD one-week chart. Source: Daan Crypto Trades/X

As Cointelegraph reported, the terms was nary longer owed short-term targets formed by “gaps” successful CME Group’s Bitcoin futures, with these present trading 24 hours per day.