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Analyst: The key support level for Bitcoin is $73k. If the weekly candle closes above it, a double bottom breakout may be confirmed.

BlockBeatNews
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BlockBeats News, May 31 — Bitcoin remained volatile around $73,500 over the weekend. If the current level holds steady, Bitcoin will record approximately a 3% monthly decline in May. Next week, U.S. labor market data will become an important variable influencing risk assets, including the ISM Manufacturing PMI, ADP employment data, and the Non-Farm Payroll report. Andre Dragosch, Head of European Research at Bitwise, stated that if Bitcoin continues to follow the economic growth and risk appetite trading logic, it should reprice higher from the current levels.

Trader Rekt Capital said that $73,000 is the current key support level. If Bitcoin closes the weekly chart above this level, it will be more favorable for confirming a double bottom breakout pattern and will support the continuation of the subsequent upward trend.

BTC-4.05%
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TideShellLedger
· 8h ago
Liquidity is low over the weekend; don't be fooled by false breakouts.
View OriginalReply0
BalanceScreenshotAfterTheRain
· 06-01 00:37
A 3% drop in May? That's just a normal correction, why panic?
View OriginalReply0
MildlyMEV
· 05-31 17:03
If employment data unexpectedly tanks, all risk assets will have to kneel.
View OriginalReply0
GateUser-83a2dd8a
· 05-31 16:20
If it breaks above the double bottom, I'll go all in directly. For now, I'm just watching.
View OriginalReply0
NonceNinja
· 05-31 16:13
The key variables will be released next week; for now, let's just relax this week.
View OriginalReply0
SilverCubeInsomnia
· 05-31 16:09
Has anyone calculated what the target price will be after confirming a double bottom breakout?
View OriginalReply0
OneMoreReorg
· 05-31 16:08
I understand Dragosch's logic, but employment data on the U.S. stock side is the real boss.
View OriginalReply0
GateUser-f4b3df7a
· 05-31 16:00
I'll add to my position when the weekly chart closes above 73k, I mean it.
View OriginalReply0

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