Bitcoin Poised for 3% May Drop, PMI Data May Spur Rally
Get the Finance newsletter
Daily finance — markets, central banks, M&A, the prints that move money. Free.
- Bitcoin is on track to close May down about 3% as it hovers near $73,500, with $73,000 flagged as a critical support level for the monthly close.
- US PMI data (ISM Manufacturing PMI) scheduled for next week is expected to be the main volatility driver for risk assets, potentially influencing Bitcoin's price direction.
- Trump said he is “in no hurry” to finalize an Iran ceasefire deal, indicating that geopolitical easing may not immediately lift Bitcoin.
- Rkt Capital noted that Bitcoin's recent retest of $73k succeeded and a weekly close above $73k would move the price closer to confirming a double‑bottom breakout.
- Daan Crypto Trades observed that Bitcoin remains within its bull‑market support band, with weekly 200‑day moving averages edging upward toward price.
Why it matters: Crypto investors risk a 3% loss on Bitcoin holdings this month, while traders betting on the May PMI could capture upside if the index lifts price above $73k, potentially reigniting risk‑on sentiment across digital assets.
