The cryptocurrency market is bracing for a tense monthly close as Bitcoin (BTC) eyes a potential downside to end the month of May. Bitcoin recently circled the $73,500 mark on Sunday, with market bulls facing down a projected 3% loss for the month.
As the monthly candle close draws near, Bitcoin looks highly likely to end May "in the red." However, crypto analysts and investors are already looking ahead to next week's macro-economic triggers for a potential trend reversal.
Key Triggers to Watch
US PMI Data: Incoming United States Purchasing Managers' Index (PMI) data is expected to drop next week. Strong or unexpected shifts in this data could provide Bitcoin's price action with a much-needed boost, shifting momentum back into positive territory.
Labor-Market Data: Alongside the PMI numbers, upcoming US labor-market data will form a crucial piece of the puzzle. These macroeconomic indicators will heavily influence investor sentiment regarding inflation and interest rates, ultimately guiding where BTC heads next.
While the short-term monthly close might bring minor corrections, the upcoming week promises high volatility and critical data points that could quickly re-ignite the Bitcoin bull run.
