Bitcoin price is $69k as ‘fresh’ US macro data pressures dollar.
Bitcoin (BTC) pushed to $69,000 at the May 30 Wall Street open as favorable US macro data provided fresh relief for risk assets.
US unemployment claims will work their magic on BTC price
Data from Cointelegraph Markets Pro and TradingView tracked a local BTC price of $68,800 on Bitstamp.
Q1 US GDP data fell in line with expectations, jobless claims beat, feeding into a rapidly easing risk-asset narrative based on financial conditions.
Initial jobless claims rose to 219,000 in the week, compared with 217,000 in the week, up from 215,000 a month ago.
In response to X (formerly Twitter), popular trader Skew wrote: “Good GDP prints in line with expectations and is easing the labor market.”
The skew suggested a negative reaction to both US bond yields and the strength of the US dollar. The US Dollar Index (DXY) was down 0.33% on the day of writing.
Skew previously said in another article that “market expectations are reasonable,” adding that if GDP and jobless claims come in below expectations, “the downside of the risk has already been explained.”
According to estimates from CME Group's FedWatch Tool, markets continue to reject policy easing in the form of a September rate hike.
The June 12 meeting of the Federal Reserve had only a 1.1% chance of making an unexpected rate cut that day.
Recent data from tracking CoinGlass has shown volatility in the order books.
At the time of writing, BTC/USD was eating resistance at around $69,000, which increased as economic reports came out. At the same time, bid support strengthened to $66,800.
There is no threat to a macro bull market.
As Cointelegraph reported earlier in the week, trading firm Mosaic Assets included Bitcoin among its assets to watch for the upcoming crash.
Related: Bitcoin ‘Diamond Hands' Cut $73.8K in Sales by 50% – Study
In his May 23 newsletter, “Market Mosaic,” he noted that “untangling financial conditions” have made risk exposure more upside-down. trend”
“And if credit is relatively cheap and available, that should be reflected in positive moves in speculative asset classes. This includes areas like high-yield bonds that are taking their spreads to new highs,” the author continued.
“The next area I'm looking for validation is with cryptocurrencies, and Bitcoin in particular.”
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
