Bitcoin (BTC) soared as high as $69,000 as Wall Street opened on May 30, as positive U.S. macroeconomic data provided further comfort for risky assets.
US Unemployment Claims Work Their Magic on BTC Price
Data from Cointelegraph Markets Pro and TradingView tracked Bitcoin’s local price highs at $68,800 on Bitstamp.
US first quarter GDP data was in line with expectations, while jobless claims exceeded them, fueling a bullish narrative for risk assets based on the upcoming easing of financial conditions.
Initial unemployment claims were 219,000 on a weekly basis versus 217,000 expected, down from 215,000 the previous month.
“GDP is in line with expectations and the labor market is calming,” popular trader Skew wrote in a reaction on X (formerly Twitter).
Scio noted an opposing negative reaction from US bond yields and a stronger US dollar. The US Dollar Index (DXY) was down 0.33% on the day at the time of writing.
“Market expectations are reasonable,” Skew said in another article earlier, adding that if GDP and jobless claims were lower than expected, “the downside risk is already established.”
According to estimates from the CME Group’s FedWatch tool, markets remained reluctant to ease policy in the form of a rate hike before September.
The Fed’s next meeting on June 12 had only a 1.1% chance of producing a surprise cut that day.
Meanwhile, the latest data from resource monitor CoinGlass showed a change in liquidity conditions in order books.
The BTC/USD pair was eating resistance around the $69,000 level at the time of writing, and this figure increased with the release of economic reports. Meanwhile, auction support was increased to $66,800.
There is no threat to the overall bull market
As Cointelegraph reported earlier this week, asset trading firm Mosaic listed Bitcoin as one of its assets to watch in anticipation of an imminent hack.
Related: Bitcoin “Diamond Hands” Cut Sales by Nearly 50% to $73.8K – Research
In the latest edition of its regular newsletter, “The Market Mosaic”, dated May 23, it noted an “easing of financial conditions” leading to a further rise in risk appetite, with any decline unlikely to be “nothing more than a temporary pause in the market.” .” Rising.” direction.”
“If credit is relatively cheap and available, this should translate into positive action in speculative asset classes. This includes areas such as high yield bonds, which continue to reach new highs.
“The next area I am watching for confirmation is cryptocurrencies and Bitcoin in particular.”
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making a decision.
