Bitcoin finished May lower by approximately 3%, trading near $73,500 on Sunday as the largest cryptocurrency remained wedged under 2025 yearly lows heading into a week dominated by US economic data.
The weakness persisted despite US stocks reaching new all-time highs and easing geopolitical tensions tied to US-Iran ceasefire progress. Donald Trump said he was “in no hurry” to finalize an Iran deal, yet the broader risk-asset rally failed to lift Bitcoin alongside equities.
The coming week would be “all about the labor market,” according to market analysis, with US employment data forming a potential source of crypto and risk-asset volatility. The Institute for Supply Management (ISM) Manufacturing PMI has offered BTC price action relief in recent months, making the data release a focal point for traders positioning ahead of month-end closes.
Technical levels and support bands
Rekt Capital, a trader and analyst, flagged the $73,000 level as critical for confirming a double-bottom breakout pattern. “At the moment, the $BTC retest of $73k has been successful despite recent downside volatility,” Rekt Capital said. “If Bitcoin manages to Weekly Close above $73k then price will be one step closer to confirming the Double Bottom breakout and be positioned to try to trend continue.”
Daan Crypto Trades identified Bitcoin as trading at its bull-market support band after a failed retest in recent weeks. The Weekly 200-moving average and exponential moving average are still moving upward and closing in on price. “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,” Daan Crypto Trades said.
A “W”-shaped bottom formation on the weekly chart has been developing from late February onward, providing a structural framework for the current consolidation. CME Group’s Bitcoin futures now trade 24 hours per day, eliminating short-term price targets that historically formed from gaps in overnight sessions.
Growth appetite and repricing
Andre Dragosch, European head of research at Bitwise, emphasized the dependency on broader risk sentiment. “If bitcoin still continues to follow growth and risk appetite, it needs to reprice higher from here IMO,” Dragosch said.
The Kobeissi Letter, a trading resource, and other analysts have flagged the macro trading range of $60,000 to $80,000 as the likely band for price action in the near term, with the $73,000 weekly close serving as a key threshold for confirming upside momentum into June.
