Bitcoin price targets $69K as strong US macro data weighs down the dollar

Bitcoin (BTC) made significant gains as it approached $69,000 during the opening of Wall Street on May 30, thanks to positive macro data from the United States. The data showed that jobless claims exceeded expectations, contributing to a bullish narrative for risk assets due to the expectation of looser financial conditions in the near future. BTC reached a local high of $68,800 on Bitstamp, according to data from Cointelegraph Markets Pro and TradingView. The latest GDP data for Q1 was in line with expectations, while initial jobless claims rose to 219,000 compared to the expected 217,000. Popular trader Skew noted that this positive news had a negative impact on U.S. bond yields and the value of the U.S. dollar. The U.S. dollar index (DXY) was down 0.33% at the time of writing. Skew also mentioned that market expectations were reasonable and that any downside risk had already been defined if GDP and jobless claims came in lower than expected. According to CME Group’s FedWatch Tool, the market did not anticipate any policy easing or interest rate hikes before September. The Federal Reserve’s upcoming meeting on June 12 had just a 1.1% chance of a surprise rate cut. CoinGlass data indicated changes in liquidity conditions across order books, with BTC/USD approaching the $69,000 resistance level and bid support strengthening at $66,800. Mosaic Asset, a trading firm, included Bitcoin in its list of assets to watch for a potential breakout. The firm’s newsletter, “The Market Mosaic,” stated that “loosening financial conditions” could drive further upside for risk-on assets, with any pullbacks seen as temporary pauses in the bullish trend. It is important to note that this article does not provide investment advice or recommendations, and readers should conduct their own research before making any decisions.