Bitcoin (BTC) traders are preparing for a potentially volatile week ahead as the cryptocurrency's price remains stuck at $67,000, unable to break through the $70,000 resistance level. With a lack of significant price movement in recent days, traders are now turning their attention to upcoming macroeconomic data releases from the United States, which could potentially upend the status quo and spark a price move.

According to popular trader Skew, Bitcoin bulls have lacked sustained momentum above $70,000, and the relative strength index (RSI) signals suggest waning momentum. Skew predicts that any further downside needs to bottom out at around $65,000, while fellow trader Roman notes declining volume on revisits to the lower end of the short-term range, indicating a non-confident downtrend. This lack of momentum and declining volume has resulted in a sideways market, with Bitcoin's price action failing to attract bids nearer $70,000 on May 30.

The main event of the day revolves around the upcoming US macro data prints, including jobless claims and the first revision of Q1 GDP, both of which have the potential to catalyze volatility in crypto and risk assets. The Federal Reserve's preferred inflation gauge, the Producer Price Index (PCE), is due on May 31, and traders are bracing for a potentially "pretty massive" macro day. These data releases have the potential to significantly impact the markets, and traders are eagerly awaiting the results to inform their next moves.

As Bitcoin price action remains sideways, traders are hoping that the macro data will bring some much-needed momentum to the market. With the importance of the $67,000 level established by four wicks in recent days, bulls will be looking to defend this line and potentially swing the price towards $70,000. However, with declining volume and waning momentum, it remains to be seen whether Bitcoin can break out of its current range and make a significant move.

The current market conditions have resulted in a state of limbo for Bitcoin traders, with many waiting for a catalyst to spark a price move. The upcoming macro data releases offer a potential solution to this impasse, and traders will be closely watching the results to inform their next moves. Whether Bitcoin can break out of its current range and make a significant move remains to be seen, but one thing is certain – the upcoming macro data releases have the potential to significantly impact the markets and shape the future of Bitcoin's price action.

In addition to the macro data releases, traders will also be keeping a close eye on market sentiment and technical indicators to inform their trading decisions. With the RSI signals suggesting waning momentum, it is clear that Bitcoin's price action is at a critical juncture. Whether bulls can muster the strength to push the price above $70,000 or bears will gain the upper hand and push the price down remains to be seen.

As the market waits with bated breath for the upcoming macro data releases, one thing is certain – the next few days will be crucial in shaping the future of Bitcoin's price action. Will the macro data spark a price move, or will Bitcoin's price action remain stuck in limbo? Only time will tell, but one thing is certain – traders will be eagerly awaiting the results to inform their next moves.