Bitcoin preps 3% May downside, but US PMI data may boost BTC price

Crypto Insight Summary: Bitcoin was trading around $73,500 on May 31, 2026, poised to close May with approximately 3% losses despite US stock markets reaching new all-time highs. Bitcoin failed to benefit from easing geopolitical tensions, including progress on a US-Iran ceasefire, with US President Donald Trump stating he was "in no hurry" to finalize an Iran deal. Traders and analysts, including The Kobeissi Letter, identified upcoming US labor market data as the primary volatility catalyst for crypto and risk assets in the following week. The May ISM Manufacturing PMI print was highlighted as a potential driver, with Bitwise's European head of research Andre Dragosch arguing Bitcoin needs to reprice higher to align with growth and risk appetite. Analyst Rekt Capital identified $73,000 as a critical level, noting that a weekly close above it would confirm a double-bottom breakout on the W-shaped formation since late February. Trader Daan Crypto Trades suggested Bitcoin could remain range-bound between $60,000 and $80,000 due to multiple high-timeframe weekly levels converging. The article also noted that CME Bitcoin futures now trade 24 hours, eliminating the short-term price targets previously created by CME gaps. The piece was written by Cointelegraph staff writer William Suberg and reviewed by staff editor Allen Scott. Crypto Insight Analysis: Direction: Neutral Impact: Minor Impact Horizon: Short-term (1-3 days) Reasoning: Mixed signals with downside pressure from May losses but potential upside from PMI data.