Bitcoin

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin (BTC) price pushed towards $69,000 following positive US macro data.</li>
 <li>US jobless claims and Q1 GDP data influenced the bullish trend in risk assets.</li>
</ul>
<p>Bitcoin’s price was seen pushing towards $69,000 as the US stock market opened on May 30. This was largely influenced by positive macroeconomic data from the United States, which provided a fresh relief to risk assets.</p>
<h2 id="us-jobless-claims-influence-btc-price">US Jobless Claims Influence BTC Price</h2>
<p>Data showed a local BTC price high of $68,800 on Bitstamp. The Q1 US GDP data met expectations, while jobless claims exceeded them, contributing to a bullish narrative for risk assets based on a potential loosening of financial conditions.</p>
<p>The initial jobless claims were 219,000 week-on-week, slightly higher than the expected 217,000 and up from 215,000 the previous month.</p>
<p>“Decent GDP prints within expectations &amp; loosening labour market,” commented a popular trader, Skew, on X (formerly Twitter). Skew also pointed out a negative reaction from US bond yields and US dollar strength. At the time of writing, the US dollar index (DXY) was down by 0.33%.</p>
<h2 id="market-expectations-and-liquidity-conditions">Market Expectations and Liquidity Conditions</h2>
<p>“Market expectations are within reason,” Skew had mentioned in another post, adding that if GDP and jobless claims were lower than expected, the downside risk would already be well defined.</p>
<p>According to CME Group’s FedWatch Tool, markets were not expecting any policy relaxation in the form of interest rate hikes sooner than September. The Federal Reserve’s upcoming meeting on June 12 had only a 1.1% chance of a surprise cut.</p>
<p>Meanwhile, data from CoinGlass showed changing liquidity conditions across order books. Bitcoin was eating into resistance around the $69,000 mark, which had increased as the economic reports were released. At the same time, bid support was strengthened at $66,800.</p>
<p>As reported earlier in the week, trading firm Mosaic Asset included Bitcoin in its list of assets to watch for a potential breakout. In the latest edition of its regular newsletter, “The Market Mosaic,” it referenced “loosening financial conditions” sparking further upside for risk-on, with any pullbacks expected to be “nothing more than a pause in the bull market trend.”</p>
<p>“And if credit is relatively cheap and available, then that should be reflected by positive action in speculative asset classes. That includes areas like high yield bonds that are holding their breakout to new highs,” the author continued. “The next area I’m watching for confirmation is with cryptocurrencies and <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> in particular.”</p>

Bitcoin Targets $69K High as Positive US Economic Outlook Weakens Dollar

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