Bitcoin price sets sights on $69K amid dollar pressure from strong US macro data

Bitcoin surged towards $69,000 during the morning of May 30 as positive macro data from the United States provided relief for risk assets. The price of Bitcoin reached a high of $68,800 on Bitstamp, according to data from Cointelegraph Markets Pro and TradingView. The first-quarter GDP data in the US aligned with expectations, while jobless claims surpassed them, contributing to a bullish sentiment for risk assets due to the expected loosening of financial conditions. Initial jobless claims for the week were 219,000, slightly higher than the expected 217,000 but an increase from the previous month’s 215,000. Popular trader Skew commented on the positive GDP prints and the improving labor market, but also noted a negative response from US bond yields and the strength of the US dollar. The US Dollar Index (DXY) was down 0.33% at the time of writing. Skew previously mentioned that market expectations were reasonable and that if GDP and jobless claims were lower than expected, the downside risk would be well-defined. According to estimates from CME Group’s FedWatch Tool, the market remained skeptical about any policy relaxation in the form of interest rate hikes before September. The Federal Reserve’s upcoming meeting on June 12 had only a 1.1% chance of resulting in a surprise rate cut on that day. CoinGlass, a monitoring resource, reported changing liquidity conditions across order books. At the time of writing, BTC/USD was approaching the resistance level of $69,000, while bid support was strengthened at $66,800. There is no immediate threat to the macro bull market, as Mosaic Asset, a trading firm, included Bitcoin in its list of assets to watch for an upcoming breakout. In its newsletter, “The Market Mosaic,” it mentioned that the loosening financial conditions would lead to further upside for risk-on assets, and any pullbacks would be temporary pauses in the bull market trend. The article does not provide investment advice and recommends readers to conduct their own research before making any investment or trading decisions.