Bitcoin Eyes $69K Amid US Dollar Pressure
Bitcoin surged toward $69,000 during the May 30 Wall Street opening, driven by favorable macroeconomic data from the United States that provided a boost to risk assets. This increase followed the release of U.S. jobless claims and GDP data, which helped create a bullish sentiment among investors seeking opportunities in more volatile markets.
The price of Bitcoin reached local highs of $68,800 on Bitstamp, according to data from Markets Pro and TradingView. The first-quarter U.S. GDP data met expectations, while jobless claims surpassed them, further supporting a positive outlook. Specifically, initial jobless claims were reported at 219,000 for the week, compared to the expected 217,000, showing an increase from the previous month’s 215,000.
A trader known as Skew commented on these developments on social media, highlighting the significance of the GDP and jobless claims data. Skew emphasized that the solid GDP results and a softening labor market contributed to the current market dynamics. Both U.S. bond yields and the strength of the U.S. dollar exhibited a negative response to this data, with the U.S. dollar index (DXY) decreasing by 0.33% on the day of reporting.
Skew also mentioned that market expectations were reasonable and suggested that a lower-than-expected GDP and jobless claims would have defined the downside risk. Despite the positive signals, markets continued to view a reduction in interest rates as unlikely to occur before September, based on estimates from CME Group’s FedWatch Tool. The upcoming Federal Reserve meeting on June 12 had a slim 1.1% chance of resulting in an unexpected rate cut.
In terms of market liquidity, data from CoinGlass indicated shifting conditions across order books. During this period, Bitcoin was testing resistance around the $69,000 level, which intensified as economic reports were released. Concurrently, there was increased bid support at $66,800, reinforcing the price action.
Earlier in the week, noted that trading firm Mosaic Asset had identified Bitcoin as an asset to watch for a potential breakout. In the May 23 edition of its newsletter “The Market Mosaic,” the firm highlighted that “loosening financial conditions” could drive further gains in risk-on assets, with any setbacks likely to be temporary pauses in the prevailing bull market trend.
The newsletter elaborated that if credit remained relatively affordable and accessible, this would manifest in positive movements in speculative asset classes, such as high-yield bonds hitting new highs. The author emphasized that cryptocurrencies, and Bitcoin in particular, would be significant indicators to monitor for market confirmation.
The positive economic data and market reactions underscored an optimistic outlook for Bitcoin and other risk assets, indicating potential for substantial growth amidst the evolving financial landscape. As investors continue to navigate these conditions, Bitcoin remains a focal point for observing broader market trends.
34 thoughts on “Bitcoin Eyes $69K Amid US Dollar Pressure”
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Even with interest rates not likely to drop before September, Bitcoins performance is stellar!
Another temporary high with inevitable low. When will people learn? 😤📉
Wow, Bitcoin is on fire! The surge towards $69k is super exciting!
The jobless claims and GDP data really set the stage for this Bitcoin rally!
The economic reports reinforcing Bitcoin price action is the perfect recipe for growth!
These spikes are always followed by dips. Don’t say I didn’t warn you.
Investors are too optimistic. Bitcoin’s too unpredictable to trust.
Bitcoin’s resilience in the market is truly inspiring. Let’s keep this momentum going! 💪💹 .
Bitcoin as a barometer for market trends is fascinatingwe are witnessing history!
Bitcoin nearing $69k is the kind of news that makes you want to jump into the market!
More speculative nonsense. I’ll stick to more reliable investments.
Skews analysis is spot on, solid GDP results and a softening labor market did the trick!
So glad to see favorable macroeconomic data fuelling Bitcoins upward trend!
The optimism around Bitcoin is contagious. Great time to be part of the crypto world! 🌟📉📈
Liking the bullish sentiment across the market—Bitcoin is leading the charge! 🏆📈
Economic data setting the stage for Bitcoin’s growth—this is why I love following crypto trends! 📈🗞️
The strength of the U.S. dollar dipping and Bitcoin risingmakes perfect sense to me!
People need to stop chasing dreams of becoming overnight millionaires. Bitcoin is unstable!
Mosaic Assets prediction about loosening financial conditions driving gains was spot on!
Skew nailed it with the significance of the GDP and jobless datakeep the insights coming!
Yet another day where Bitcoin proves itself as a top contender for risk asset investors!
Here we go again with the Bitcoin madness. Can’t wait for it to crash!
The lead-up to the Federal Reserve meeting is adding some suspense, but Bitcoin is holding strong! 🏋️♂️💪
Bulls are in charge! This is the validation we needed for Bitcoin’s upward momentum! 🐂📈
The bullish trend continues with Bitcoins rise, despite the tough economic landscape!
Bitcoin testing resistance around $69k is an exciting development! Lets see if it breaks through!
From jobless claims to GDP data, all signs are pointing towards a thriving Bitcoin market!
This Bitcoin surge is just another bubble waiting to burst. Not buying into the hype!
The surge is just a trap for naive investors. Be smart, stay away!
Let’s ride this bullish wave to new heights! Bitcoin to the moon! 🌕🚀
Mosaic Asset’s foresight is impressive; they called Bitcoin a breakout contender, and here we are! 💥🔍
Bitcoin proving its worth yet againwhat an exciting time for crypto enthusiasts!
The “bullish sentiment” is just setting up for a massive fall. Watch out! 🚫⛔📝
Markets Pro and TradingViews data showing local highs of $68,800 just made my day!