Bitcoin surged toward $69,000 on May 30 as positive U.S. economic data provided a boost to risk assets.
The U.S. GDP data for the first quarter met expectations, while jobless claims were lower than anticipated, creating a bullish environment for risk assets as financial conditions appeared to ease sooner than expected.
Initial jobless claims for the week were 219,000, compared to the expected 217,000 and up from 215,000 the previous month.
“Decent GDP prints within expectations & loosening labor market,” popular trader Skew commented on X (formerly Twitter).
Skew also pointed out that U.S. bond yields and the U.S. dollar index (DXY) both reacted negatively, with the DXY down 0.33% on the day.
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“Market expectations are reasonable,” Skew added in another post, noting that if GDP and jobless claims had been lower than expected, the downside risk for assets was already defined.
According to CME Group’s FedWatch Tool, markets are not anticipating any interest rate hikes before September.
The Federal Reserve’s upcoming meeting on June 12 has just a 1.1% chance of resulting in a surprise rate cut.
Meanwhile, data from CoinGlass showed changing liquidity conditions across order books, with BTC/USD facing resistance around the $69,000 mark and bid support strengthening at $66,800.
Summary Review: Bitcoin’s push toward $69,000 reflects positive momentum driven by favorable U.S. economic data. The alignment of GDP expectations and lower-than-anticipated jobless claims have created a bullish environment for risk assets, including Bitcoin. As the U.S. dollar weakens and market expectations remain stable, Bitcoin is finding strong support and resistance levels. This demonstrates the complex interplay between macroeconomic factors and cryptocurrency markets, highlighting the importance of economic indicators in shaping Bitcoin’s price movements.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
