Bitcoin pushed toward $69,000 at the May 30 Wall Street open as favorable United States macro data gave risk assets fresh relief.
U.S. unemployment claims influence the price of bitcoin
Local Bitcoin price highs of $68,800 on Bitstamp were tracked by data from Cointelegraph Markets Pro and TradingView.
While jobless claims exceeded forecasts, Q1 U.S. GDP statistics fell in line with predictions, supporting a bullish risk-asset narrative predicated on early financial conditions loosening.
Initial claims for unemployment increased from 215,000 the previous month to 219,000 last week compared to an expected 217,000.
Popular trader Skew responded on X (formerly Twitter) with the words “Decent GDP prints within expectations & loosening labor market.”
According to Skew, the strength of the US currency and bond yields both responded negatively. As of this writing, the U.S. dollar index (DXY) was down 0.33% for the day.
In a previous piece, Skew stated that “market expectations are within reason” and that in the event that the GDP and unemployment claims are lower than anticipated, the “downside in risk is pretty defined already.”
Estimates from CME Group’s FedWatch Tool indicate that markets continued to reject policy easing, which would have involved raising interest rates before September.
There was just a 1.1% chance that the upcoming Federal Reserve meeting on June 12 would result in a surprise cut that day.
The latest data from monitoring resource CoinGlass, meanwhile, showed changing liquidity conditions across order books.
BTC/USD was eating into resistance around the $69,000 mark at the time of writing, this having increased as the economic reports were released. At the same time, bid support was strengthened at $66,800.
No threat to macro bull market
As Cointelegraph reported at the start of the week, trading firm Mosaic Asset has included Bitcoin in its assets worth watching for an impending breakout.
It discussed “loosening financial conditions” spurring additional gains for risk-on in the most recent issue of its regular newsletter, “The Market Mosaic,” published on May 23. It predicted that any pullbacks would be “nothing more than a pause in the bull market trend.”
Positive movement in speculative asset classes should be seen if credit is reasonably inexpensive and readily available. The article went on, “That includes sectors like high yield bonds that are holding their breakout to new highs.”
“With cryptocurrency, and Bitcoin in particular, I’m keeping an eye out for confirmation in the next area.”
Read More: Why bitcoin price is jammed?
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