Bitcoin (BTC) made significant gains, approaching $69,000 as the U.S. released positive macro data, providing relief to risk assets. BTC reached a high of $68,800 on Bitstamp, according to data from Cointelegraph Markets Pro and TradingView. The Q1 U.S. GDP data met expectations, while jobless claims exceeded them, contributing to the bullish sentiment surrounding risk assets as financial conditions are expected to ease sooner. Initial jobless claims came in at 219,000, slightly higher than the expected 217,000 and up from 215,000 the previous month. Popular trader Skew noted that the positive GDP prints and improving labor market had a negative impact on U.S. bond yields and the strength of the U.S. dollar. The U.S. dollar index (DXY) was down 0.33% at the time of writing. Skew also mentioned that market expectations were reasonable and that downside risks were already defined if GDP and jobless claims were lower than expected. According to CME Group’s FedWatch Tool, the market remained skeptical of any interest rate hikes before September, with just a 1.1% chance of a surprise cut at the Federal Reserve’s upcoming meeting on June 12. Monitoring resource CoinGlass reported changing liquidity conditions across order books, with BTC/USD pushing through resistance at $69,000 while bid support strengthened at $66,800. Mosaic asset, a trading firm, included Bitcoin in its assets worth watching for a potential breakout, citing loosening financial conditions and expecting any pullbacks to be temporary pauses in the bull market trend. This article does not provide investment advice, and readers should conduct their own research before making any decisions.
Bitcoin price sets sights on $69K as robust US macro data weighs down on the dollar