BTC price abandons $66K support, as Bitcoin remains unfazed by US jobs data

Bitcoin (BTC) lost ground from its $66,000 position after the opening of Wall Street on May 16, but a boost from fresh macro data in the United States provided support for bullish investors. Data from Cointelegraph Markets Pro and TradingView showed that BTC price volatility decreased following a 7.5% gain the previous day. This gain was driven by the April Consumer Price Index (CPI) and Producer Price Index (PPI) reports, with the CPI exceeding expectations and sparking a rally in risk assets. The positive trend continued with the release of unemployment data, as jobless claims came in at 222,000, slightly above the anticipated 220,000. Analysts suggested that BTC/USD was now poised to challenge key resistance levels below its all-time highs. Popular trader CrypNuevo identified a “liquidation cluster zone” between $66,000 and $70,000. However, there are concerns about lower levels that may need to be retested to confirm the next phase of the Bitcoin bull run. Keith Alan, co-founder of trading resource Material Indicators, highlighted the 50-Day Moving Average at $65.1k and the thin bid support down to the $60k-$61k range as potential obstacles. Alan also stated that revisiting sub-$60,000 levels would serve as a “healthy way to validate the bottom” and strengthen the foundation for further upward movement. This article does not provide investment advice and readers should conduct their own research before making any investment or trading decisions.