Bitcoin Descends to Lower Boundary of Trading Span, yet June Statistics Might Serve as the Subsequent Stimulus.

Excluding a significant late shift, May is poised to be remembered as a robust period for the primary cryptocurrency globally.
Bitcoin's value has predominantly hovered around $68,000 in the days following the U.S. Memorial Day holiday, yet it slipped close to the week's minimum during Friday morning trading.
By 11:45 am ET, bitcoin was valued at $67,300, marking a 1% decrease over the previous 24 hours and a drop of over 2% from two hours earlier when it briefly surged above $69,000. The broader CoinDesk 20 saw a 1.1% decline over the past day. Nonetheless, May has shown strength for bitcoin, climbing 11% since commencing the month around the $60,000 mark. This performance has lagged behind the CoinDesk 20's approximately 20% surge, propelled by a 31% rise in ether's (ETH) price due to unexpected regulatory shifts regarding a spot ETF for the asset. Macroeconomic conditions may offer the next impetus.
The subdued activity in bitcoin this week, with prices largely confined to the $67,000-$69,000 range, coincided with challenges faced by other high-risk assets, including U.S. stocks. Despite maintaining proximity to all-time highs, the Nasdaq experienced a roughly 2% decrease this week, while the S&P 500 declined by approximately 1.5%.
U.S. economic data continues to suggest stagflation, with the April Core PCE Price Index increasing by 2.8% year-over-year, in line with expectations and consistent with the previous month's pace. The May Chicago PMI dropped to 35.4 compared to expectations for 41 and 37.9 in April. May's weak performance has only been equaled during the depths of the 2008/2009 global financial crisis and the March/April 2020 Covid lockdowns. The bond market rallied in response, with the 10-year U.S. Treasury yield decreasing by 5.5 basis points to 4.50%.
June commences on Saturday, and the following week should bring further clarity to the U.S. economic landscape, courtesy of Monday's national PMI report and Friday's national employment report. Confirmation of deteriorating economic conditions, and the subsequent prospect of lower interest rates, could potentially catalyze bitcoin's attempt to surpass its all-time high of over $73,000 set in March. Conversely, strong economic data may prompt a retest of May's lows.