Bitcoin traded around $73,500 as May neared a close with a potential 3% monthly loss. Analysts identified the $73,000 level as critical for the upcoming weekly close, with US labor-market data expected to drive volatility. The price remained below 2025 yearly lows despite new highs in US stocks and easing geopolitical tensions.
Bitcoin hovered near $73,500 as the monthly close approached, putting it on track for a 3% loss in May. The asset remained below its 2025 yearly lows according to data from TradingView.
US stocks achieved new all-time highs to end the week, but Bitcoin failed to gain momentum. This occurred despite easing geopolitical tensions, including progress on a US-Iran ceasefire.
The coming week’s focus will be US labor-market data, which could spur volatility in crypto and other risk assets. Key releases include the May print of the Institute for Supply Management Manufacturing Purchasing Managers’ Index.
Andre Dragosch, European head of research at Bitwise, argued on X that if Bitcoin continues to follow growth and risk appetite, it needs to reprice higher. He made this statement following recent PMI data.
Trader and analyst Rekt Capital noted the $73,000 retest had been successful despite recent downside volatility. “If Bitcoin manages to Weekly Close above $73k then price will be one step closer to confirming the Double Bottom breakout & be positioned to try to trend continue,” he wrote.
Trader Daan Crypto Trades observed Bitcoin trading at its bull market support band after a failed retest. “With all these big high timeframe weekly levels around this area, I would not be surprised to see us trade between $60K-$80K for quite a while,” he told X followers.
