Bitcoin’s price has remained within a tight trading range near $68,000 after the U.S. Memorial Day holiday, with a slight decline approaching the week’s low in Friday morning trading hours.
As of 11:45 am ET, bitcoin was trading at $67,300, a 1% decrease over the past 24 hours and 2% lower than its peak two hours earlier at $69,000. The broader CoinDesk 20 also experienced a 1.1% decline in the last day.
Despite this, May has been a positive month for Bitcoin, with an 11% increase from its starting point around $60,000. However, this growth is overshadowed by the CoinDesk 20’s 20% surge, driven by a 31% increase in the price of ether due to renewed optimism for a spot ETF.
The recent lackluster activity in Bitcoin aligns with struggles in other risky assets, especially U.S. stocks, amid concerns about stagflation. Economic indicators have shown mixed signals, with the bond market rallying on news of weakening economic conditions.
Looking ahead to June, upcoming U.S. economic reports could offer clarity and potentially serve as a catalyst for Bitcoin’s price movement. If economic data indicates deteriorating conditions and lower interest rates, bitcoin may aim to surpass its all-time high above $73,000 set in March. Conversely, strong economic data could lead to a retest of May’s lows.
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