Bitcoin’s price has maintained a remarkably tight trading range near $68,000 following the U.S. Memorial Day holiday, with a slight dip approaching the week’s low in Friday’s morning trading hours.
At 11:45 am ET, bitcoin was priced at $67,300, down 1% over the past 24 hours and 2% from its peak two hours earlier at $69,000. The broader CryptoX 20 also saw a 1.1% decline over the last day.
Despite this, May has been a positive month for Bitcoin, with an 11% increase since starting around $60,000. However, this growth pales in comparison to the CryptoX 20’s 20% surge, largely driven by a 31% rise in the price of ether following renewed optimism for a spot ETF.
The recent subdued activity in Bitcoin coincides with struggles in other risk assets, particularly U.S. stocks, amid concerns about stagflation. Economic indicators have shown mixed signals, with the bond market rallying on news of softening economic conditions.
Looking ahead to June, upcoming U.S. economic reports could provide clarity and potentially act as a catalyst for Bitcoin’s price action. If economic data suggests weakening conditions and lower interest rates, bitcoin may attempt to breach 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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