While the Bitcoin price fluctuated in the $ 73,500 range over the weekend, the 3% decline in May attracted the attention of investors. As the weekly close approaches, analysts say BTC is preparing to close the month “in the red.”
Quiet Cruising on the Weekend
Bitcoin had a quiet weekend, remaining squeezed just below 2025 annual lows, according to TradingView data. Although new records were seen in the US stock markets, Bitcoin was not affected by this positive atmosphere. The temporary ceasefire between the USA and Iran and the decrease in geopolitical tension did not have a significant impact on the crypto market.
Speaking on the social media platform Analysts state that the main agenda next week will be the US labor market and the data to be announced may cause fluctuations in the crypto market.
Key Level for BTC in Economic Data
In the new week, economists will be watching indicators such as the US Manufacturing Purchasing Managers Index (PMI). PMI data, which has gained upward momentum in recent months, also gave temporary respite to the Bitcoin price. In particular, it is being discussed whether Bitcoin will be priced once again in line with global growth and risk appetite.
Mini glossary: PMI (Purchasing Managers Index) is an indicator based on survey data from companies that provides insight into the economic health of a particular industry. Values above 50 indicate growth, while values below indicate contraction.
Andre Dragosch, Bitwise’s European research director, commented: “If Bitcoin is still following growth and risk appetite, it should make an upward correction from here.”
$73,000 Limit at Monthly Closing
According to data released by CoinGlass, Bitcoin has fallen by just over 3% since the beginning of May. While this decline did not satisfy the traders, all eyes turned to whether the BTC / USD parity would be at the critical level of $ 73,000 at the monthly closing.
Expert analyst Rekt Capital commented, “In the current situation, Bitcoin’s retest of $ 73 thousand has been successful despite the recent fluctuations.”
Rekt Capital stated that a “W” formation was formed on a weekly basis and this could be a sign of a strong bottom. Technically, Bitcoin, which is trading near major support lines on the weekly chart, is poised to re-enter the bullish band after several weeks of unsuccessful tests.
Technical Analysis and Market Expectations
Popular analyst named Daan Crypto Trades stated that Bitcoin is moving in the bull market support band and both the weekly 200 moving average (MA) and the exponential average (EMA) are getting closer to the price. According to experts, these technical indicators support the upward potential in the medium-long term.
According to Cointelegraph, the fact that the “gaps” closed in CME Group’s futures contracts have now disappeared with 24-hour trading shows that short-term price targets have been left behind. This development may also reduce the possibility of sudden jumps in price movements.
