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BlockBeats News, May 31st - Over the weekend, Bitcoin remained stable around $73,500. If the current level holds, Bitcoin is set to record a monthly decline of about 3% in May. Next week, the U.S. labor market data will be a key variable influencing risk assets, including ISM Manufacturing PMI, ADP Employment Data, and Non-Farm Payrolls Report. Andre Dragosch, European Research Director at Bitwise, stated that if Bitcoin continues to trade based on economic growth and risk appetite logic, it should reprice higher from the current level.
Trader Rekt Capital noted that $73,000 is the current key support level. A weekly close for Bitcoin above this level would be more favorable to confirm a double bottom breakout pattern and sustain the subsequent uptrend.
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