Bitcoin price targets $69K amidst pressure on the US dollar from strong macroeconomic data

Bitcoin surged towards $69,000 during the Wall Street open 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 in the US met expectations, while jobless claims exceeded them, contributing to a bullish narrative for risk assets as financial conditions are expected to loosen sooner. 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 noted that the response from US bond yields and the US dollar was negative. The US Dollar Index (DXY) was down 0.33% at the time of writing. Skew also mentioned that market expectations were reasonable, and if GDP and jobless claims came in lower than expected, the downside risk was already defined. According to estimates from CME Group’s FedWatch Tool, the markets remained skeptical of interest rate hikes occurring before September. The Federal Reserve’s upcoming meeting on June 12 had only a 1.1% chance of producing a surprise rate cut. CoinGlass, a monitoring resource, reported changing liquidity conditions across order books. At the time of writing, BTC/USD was breaking through resistance around the $69,000 level, while bid support was strengthened at $66,800. Mosaic Asset, a trading firm, included Bitcoin in its list of assets to watch for a potential breakout. In its newsletter, “The Market Mosaic,” it mentioned that “loosening financial conditions” would drive further upside for risk-on assets, and any pullbacks would 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.