United

Bitcoin

April

Resistance

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin (BTC) experienced a slight drop from $66,000 after the Wall Street opening on May 16.</li>
 <li>Recent U.S. macroeconomic data, including jobless claims, has boosted the optimism of cryptocurrency bulls.</li>
</ul>
<p>Bitcoin’s value experienced a slight dip, moving from $66,000 after the Wall Street market opened on May 16. This occurred while new macroeconomic data from the United States seemed to strengthen the case for cryptocurrency bulls.</p>
<h2 id="bitcoin-volatility-and-u-s-jobless-claims">Bitcoin Volatility and U.S. Jobless Claims</h2>
<p>The price volatility of Bitcoin cooled off after a 7.5% gain the previous day. This followed the April release of the U.S. Consumer Price Index (CPI) and Producer Price Index (PPI). The CPI exceeded expectations, sparking a broad rally of risk assets.</p>
<p>On May 16, unemployment data further supported this trend, with jobless claims registering at 222,000 against the projected 220,000. This positive news seemed to bolster the case for Bitcoin.</p>
<h2 id="bitcoin-s-potential-resistance-and-support">Bitcoin’s Potential Resistance and Support</h2>
<p>With this positive economic data, Bitcoin was poised to challenge significant resistance below its all-time highs. However, there were warnings that lower levels might need a retest to confirm a new phase of the broader Bitcoin bull run.</p>
<p>The nearest hurdle was the 50-Day Moving average, which was at $65.1k, just above the sell wall at $65k. Additionally, bid support remained relatively thin down to the $60k – $61k range. Furthermore, there had been no retest of support near the local low at $56.5k.</p>
<p>It was suggested that revisiting sub-$60,000 levels would be a “healthy way to validate the bottom and serve as a stronger foundation for the next leg up.” The technical resistance at $65k was being tested at the time of writing, and it remained to be seen if the bulls had enough momentum to push it above $69k.</p>

BTC Price Dips Below $66K: U.S. Employment Figures Unfazed by Bitcoin’s Decline

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