As the first month of the second quarter of 2024 comes to a close, the crypto market is witnessing a tumultuous weekend, characterized by Bitcoin's struggles to breach the $70,000 mark. This past Thursday, Bitcoin showed a slight increase of 1%, closing above $68,000 but failing to sustain momentum towards $70,000. The US Personal Income and Outlays Report and updates from the US BTC-spot ETF market are expected to significantly impact trading sentiments this weekend.

Historically, crypto weekends have been marked by negative trading sentiments, and this weekend appears to be no exception. Bitcoin's brief surge past $70,000 on May 28 was followed by a decline to $68,000 as traders prepare for crucial macroeconomic data releases. The global crypto market cap stands at $2.67 trillion, with a minimal increase of 0.46% in the past 24 hours. Bitcoin's market dominance is currently at 50.33%, with its market cap at $1.35 trillion. Stablecoins account for 6.03% of the total crypto market cap, amounting to $161 billion.

Skew, a prominent trader, has pointed out that bulls are facing challenges in maintaining momentum above $70,000. The relative strength index (RSI) signals a decrease in momentum, suggesting that price drops should be supported around $65,000. Sellers have capitalized on price movements, while spot bids at the $67,000 low have offered limited defense. Skew suggests that buyers have the opportunity to push prices towards $70,000.

Despite declining total net inflows, the US BTC-spot ETF market has maintained a twelfth consecutive session without net outflows. US economic indicators propelled Bitcoin to a high of $69,485 before a decline to below $68,000. Jobless claims in the United States rose from 216,000 to 218,000 during the week ending May 25. The US economy grew by 1.3% in Q1 2024, unchanged from the initial estimate. However, growth halted in the fourth quarter of 2023, leaving investors uncertain about the direction of Federal Reserve interest rates.

The probability of a Fed rate cut increased from 47.0% to 50.6% on Thursday, despite expectations of a September rate rise. Strong US inflation numbers and positive personal income and spending trends may dampen expectations for a September Fed rate cut. A cautious approach by the Federal Reserve regarding interest rates could impact buyers' interest in riskier assets. US BTC-spot ETF market flow data may be crucial in determining BTC price trends.

As the weekend unfolds, traders are closely monitoring upcoming U.S. macroeconomic data prints, including jobless claims and the first revision of Q1 GDP. Unexpected results from these indicators could lead to significant volatility in crypto and other risk assets. Ethereum currently stands at $3,724.08, experiencing a slight decline of 0.4% in the past hour but a modest increase of 0.2% since yesterday. Solana has seen a slight increase of 0.3% in the past hour and a 0.9% increase since yesterday, currently standing at $166.32.

In this tumultuous crypto landscape, market participants are exercising caution, closely watching economic data releases and ETF market flow. As the weekend draws to a close, all eyes are on the next move for Bitcoin and the broader crypto market.