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The Bitcoin (BTC) price briefly&nbsp;<a href="https://x.com/lookonchain/status/1797623022402298114" rel="noopener noreferrer nofollow">reclaimed</a> the $70,000 level following the release of the latest US macro data.&nbsp;
This came after business activity in the US manufacturing sector unexpectedly slowed down in May. The ISM Manufacturing PMI experienced a decline to 48.7 compared to 49.2 that was recorded during the previous month.&nbsp;
According to analyst Matt Weller, this could be another sign that the US economy could be experiencing&nbsp;<a href="https://x.com/MWellerFX/status/1797634002943402122?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet" rel="noopener noreferrer nofollow">downshifting</a> in the second quarter.&nbsp;
The drop in the #ISM manufacturing index in May adds to the sense that the economy is losing momentum .. driven by the new orders index falling to a 12-month low.
London-based research provider Capital Economics has also noted that the US economy is likely losing momentum. "The drop in the #ISM manufacturing index in May adds to the sense that the economy is losing momentum .. driven by the new orders index falling to a 12-month low," it said.&nbsp;
The recent macro data might prompt the U.S. Federal Reserve to speed up the pace of rate cuts.&nbsp;
In the meantime, West Texas Intermediate Crude Oil (WTI) futures have now dropped to $75, the lowest level since Feb. 6.&nbsp;
<h2 id="a-short-lived-bounce">A short-lived bounce?&nbsp;</h2>
After briefly regaining the $70,000, Bitcoin has pared some recent gains. This might be due to renewed selling pressure.&nbsp;
According to blockchain sleuth Lookonchain, four miners' addresses that had been dormant for over a decade transferred $7 million out shortly after the flagship cryptocurrency surpassed the much-coveted $70,000 level.&nbsp;

Bitcoin (BTC) Reclaims $70K. Here's Why

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