Bitcoin is preparing to close may with losses of around 3 percent. The cryptocurrency looks set to record a red monthly candle. Attention is now turning to upcoming US economic indicators.
Market observers note that bitcoin is on the verge of locking in these declines for the month. The move comes as traders await fresh US PMI readings and other labor market statistics scheduled for next week.
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Bitcoin dropped below $60,000 on June 25 after U.S. economic reports showed persistent inflation and firm growth. The move triggered nearly $1 billion in liquidations across crypto derivatives.
Strong U.S. employment figures this week weighed on Bitcoin, pushing the cryptocurrency below $64,000. The move followed fresh labor market data and a hawkish signal from the Federal Reserve.
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Bitcoin reached its lowest price in 21 months early Thursday, with both Bitcoin and Ethereum posting monthly drops exceeding 20 percent. Prediction market participants anticipate additional declines in the near term.
Bitcoin rose above $62,000 on June 10 after US inflation data came in line with expectations. The May Consumer Price Index rose 4.2% year over year, matching forecasts and marking the fastest pace in three years.
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Bitcoin fell briefly below $80,000 before recovering to around $80,360, following a similar dip reported two days earlier. The move appears driven by internal profit-taking rather than macro factors, with on-chain data showing the largest single-day profit realization since late 2025.