The price of Bitcoin surged past $70,000 briefly after the announcement of the latest US macro data, revealing a slowdown in the country's manufacturing sector. In May, the ISM Manufacturing PMI dropped to 48.7, lower than the previous month's 49.2. Experts speculate that this deceleration could be indicative of a broader economic slowdown in the US during the second quarter.

The decline in the ISM manufacturing index for May, along with the new orders index hitting a 12-month low, suggests a loss of economic momentum. Capital Economics, a research firm based in London, also highlights the diminishing momentum in the US economy, particularly emphasizing the drop in the ISM manufacturing index. The recent macro data might lead to an acceleration of rate cuts by the US Federal Reserve.

Concurrently, West Texas Intermediate Crude Oil (WTI) futures have fallen to $75, marking their lowest point since February 6.

Following the brief surge past $70,000, Bitcoin has retraced some gains, possibly due to renewed selling pressure. Notably, Lookonchain, a blockchain analysis platform, observed movement in four dormant miners' addresses that transferred $7 million shortly after Bitcoin crossed the $70,000 mark.