BTC price relinquishes $66K support, while Bitcoin remains unfazed by US jobs data

Bitcoin (BTC) experienced a decline from $66,000 after the opening of Wall Street on May 16, although the situation improved due to positive macro data from the United States. The volatility of BTC prices cooled down after a 7.5% increase the previous day, which was triggered by the April Consumer Price Index (CPI) and Producer Price Index (PPI) surpassing expectations. The positive trend continued when the unemployment data on May 16 showed jobless claims at 222,000, slightly higher than the anticipated 220,000. Analysts believe that BTC/USD is now poised to break through the crucial resistance level below its all-time high. The popular trader CrypNuevo stated that BTC is entering a “liquidation cluster zone” ranging from $66,000 to $70,000. However, Keith Alan, co-founder of trading resource Material Indicators, warned that lower levels may need to be retested to confirm a new phase of the Bitcoin bull run. He highlighted the 50-Day Moving average at $65,100 as a potential obstacle and emphasized the importance of strong bid support in the $60,000 to $61,000 range. Alan concluded that revisiting sub-$60,000 levels would validate the bottom and provide a stronger foundation for future upward movement. It is important to note that this article does not offer investment advice or recommendations, and readers should conduct their own research before making any decisions.