Bitcoin surged towards $69,000 during the opening of Wall Street on May 30, as positive macro data from the United States provided relief for risk assets. The price of Bitcoin reached a high of $68,800 on Bitstamp, according to data from Cointelegraph Markets Pro and TradingView. The first-quarter GDP data met expectations, while jobless claims exceeded them, contributing to a bullish narrative for risk assets as financial conditions began to loosen. Initial jobless claims for the week were 219,000, slightly higher than the expected 217,000. Popular trader Skew commented on the positive GDP prints and a more relaxed labor market. However, U.S. bond yields and the strength of the U.S. dollar responded negatively. The U.S. Dollar Index (DXY) was down 0.33% at the time of writing. Skew had previously stated that market expectations were reasonable and that any downside risk would be limited if GDP and jobless claims came in lower than expected. According to estimates from CME Group’s FedWatch Tool, the market remained unconvinced that interest rate hikes would occur before September. The Federal Reserve’s upcoming meeting on June 12 had only a 1.1% chance of a surprise rate cut. CoinGlass, a monitoring resource, reported changing liquidity conditions across order books. At the time of writing, BTC/USD was testing resistance at the $69,000 level, while bid support was strengthening at $66,800. Mosaic Asset, a trading firm, included Bitcoin in its list of assets to watch for an upcoming breakout. In its newsletter, “The Market Mosaic,” Mosaic Asset mentioned that loosening financial conditions could lead to further upside for risk assets, and any pullbacks would likely be temporary pauses in the bull market trend. This article does not provide investment advice or recommendations, and readers are encouraged to conduct their own research before making any decisions.
Bitcoin price sets sights on $69K as strong US macro data weighs down dollar.