Bitcoin (BTC) made significant gains, approaching $69,000 on May 30, thanks to positive macro data from the United States that provided relief to risk assets. Data from Cointelegraph Markets Pro and TradingView showed that BTC reached a local high of $68,800 on Bitstamp.
The first-quarter GDP data in the U.S. matched expectations, while jobless claims exceeded them. This contributed to a bullish narrative for risk assets, as it indicated that financial conditions would loosen sooner than expected. Initial jobless claims for the week were 219,000, slightly higher than the expected 217,000 but an increase from the previous month’s 215,000.
Popular trader Skew commented on the positive GDP prints and easing labor market, noting a negative response from 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 previously mentioned that market expectations were reasonable and that downside risks were already defined if GDP and jobless claims came in lower than expected. According to estimates from 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.
CoinGlass, a monitoring resource, reported changing liquidity conditions across order books. BTC/USD was approaching resistance at the $69,000 level, while bid support was strengthening at $66,800.
There is no imminent threat to the macro bull market. Mosaic asset, a trading firm, included Bitcoin in its list of assets to watch for an upcoming breakout. In its newsletter, “The Market Mosaic,” it referenced the loosening financial conditions that could drive further upside for risk-on assets. It stated that any pullbacks in the market would be temporary pauses in the overall bull trend.
Please note that this article does not provide investment advice or recommendations. Readers should conduct their own research and assessment before making any investment decisions.