Bitcoin (BTC) rose towards $69,000 at the Wall Street open on May 30 as favorable US macro data gave new relief to the risky asset.
US unemployment claims cast a spell on BTC price
Data from Cointelegraph Markets Pro and TradingView tracked a local BTC peak price of $68,800 on Bitstamp.
First quarter US GDP data was in line with expectations, while jobless claims exceeded them, feeding into an optimistic risk asset narrative as financial conditions ease more quickly.
Initial unemployment claims rose to 219,000 per week, compared with 217,000 the previous month, up from 215,000 the previous month.
“Decent GDP print within expectations and easing labor market,” popular trader Skew wrote in part of his reaction to X (formerly Twitter).
Skew noted that there has been an inverse negative reaction from both US bond yields and the strength of the US dollar. At the time of writing, the US Dollar Index (DXY) is down 0.33%.
“Market expectations are reasonable,” Skew said in a previous post, adding that “the downside risk is already defined” if GDP and jobless claims are lower than expected.
Markets are still ignoring policy easing in the form of a rate hike before September, according to estimates from CME Group’s FedWatch Tool.
At the Federal Reserve meeting scheduled for June 12, the probability of a surprise interest rate cut on that day was only 1.1%.
The latest data from monitoring resource CoinGlass showed liquidity conditions changing across the order book.
BTC/USD was finding resistance around $69,000 at the time of writing, which increased following the release of the economic report. At the same time, the bid approval rating also strengthened to $66,800.
No threat to macro bull market
As Cointelegraph reported earlier this week, trading firm Mosaic Asset included Bitcoin among the assets worth watching for an imminent breakout.
Related: Bitcoin ‘Diamond Hand’ Sell Price Drops Nearly 50% to $73.8K – Research
In the latest issue of the regular newsletter ‘The Market Mosaic’ dated May 23, it was stated that ‘easing financial conditions’ would trigger further upside for risk-on and that the downturn ‘would be nothing more than a temporary pause in the bull market.’ tendency.”
“And if credit is relatively cheap and available, this should reflect positive action in speculative asset classes. This includes areas such as high-yield bonds, which continue to hit new highs,” the author continued.
“The next area I’m looking at to check out is cryptocurrencies and Bitcoin in particular.”
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.