Bitcoin price aims for $69K as 'hot' US macro data pressures dollar

Bitcoin chews through overhead resistance on the back of U.S. GDP and jobless claims data, with risk assets benefiting across the board.

Bitcoin (BTC) pushed toward $69,000 at the May 30 Wall Street open as favorable United States macro data gave risk assets fresh relief.

U.S. jobless claims work their magic on BTC price

Data from Cointelegraph Markets Pro and TradingView tracked local BTC price highs of $68,800 on Bitstamp.

Q1 U.S. GDP data fell in line with expectations, while jobless claims beat them, feeding into a bullish risk-asset narrative based on financial conditions loosening sooner.

Initial jobless claims were 219,000 week-on-week versus 217,000 expected, up from 215,000 the month prior.

“Decent GDP prints within expectations & loosening labour market,” popular trader Skew wrote in part of a reaction on X (formerly Twitter).

Skew noted a conversely negative response from both U.S. bond yields and U.S. dollar strength. The U.S. dollar index (DXY) was down 0.33% on the day at the time of writing.

“Market expectations are within reason,” Skew had said in another post earlier, adding that should GDP and jobless claims come in lower than expected, “downside in risk is pretty defined already.” 

According to estimates from CME Group’s FedWatch Tool, markets remained dismissive of policy relaxation in the form of interest rate hikes occurring any sooner than September.

The Federal Reserve’s forthcoming meeting on June 12 had just 1.1% odds of producing a surprise cut on the day.

The latest data from monitoring resource CoinGlass meanwhile showed changing liquidity conditions across order books.

BTC/USD was eating into resistance around the $69,000 mark at the time of writing, this having increased as the economic reports were released. At the same time, bid support was strengthened at $66,800.

No threat to macro bull market

As Cointelegraph reported at the start of the week, trading firm Mosaic asset has included Bitcoin in its assets worth watching for an impending breakout.

Related: Bitcoin ‘diamond hands’ cut selling by nearly 50% at $73.8K — Research

In the latest edition of its regular newsletter, “The Market Mosaic,” on May 23, 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.”

“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,” its author continued.

“The next area I’m watching for confirmation is with cryptocurrencies and Bitcoin in particular.”

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.