Bitcoin Dips Below $66K Amid US Jobs Data Release
Bitcoin (BTC) experienced a decline from the $66,000 mark shortly after the Wall Street markets opened on May 16. This drop came despite newly released macroeconomic data from the United States giving bullish investors hope.
Recent U.S. unemployment claims data added to the positive sentiment surrounding cryptocurrencies. According to Markets Pro and TradingView, the price volatility of Bitcoin began to stabilize following a significant gain of 7.5% the previous day. This surge was attributed to better-than-expected figures from the April Consumer Price Index (CPI) and Producer Price Index (PPI), which helped ignite a broader rally in risk assets.
On May 16, new unemployment data seemed to bolster that trend, showing jobless claims at 222,000 instead of the expected 220,000. Keith Alan, co-founder of Material Indicators, a trading resource, commented that the core inflation metrics appeared straightforward. He suggested that positive news was indeed welcome news for the market.
As a result of this data, analysts believed that the BTC/USD pair was ready to test crucial resistance levels just below its all-time highs. A prominent trader known as CrypNuevo noted that Bitcoin was entering a “liquidation cluster zone” ranging from $66,000 to $70,000. He highlighted that the primary area of high liquidations within this range was $69,000, suggesting that while there might be some consolidation or retracement, this cluster would be the main target.
An accompanying chart showed liquidity levels around the current spot price, as examined by CoinGlass. On the downside, Keith Alan cautioned that Bitcoin might need to retest lower levels to confirm the commencement of a broader bull run.
Alan detailed that the next immediate challenge was the 50-Day Moving Average, which was positioned at $65,100, just above a significant sell wall at $65,000. He pointed out that the bid support remained relatively thin, stretching down to the $60,000 to $61,000 range. He also mentioned that there had not been a retest of support near the local low of $56,500, nor of the previous two consolidation ranges.
Alan emphasized that revisiting levels below $60,000 would be a “healthy” validation of the market bottom, establishing a more substantial foundation for the next uptrend. He maintained his stance on the downside targets, expressing a desire to see Bitcoin test support at the 21-Week Moving Average.
On the upside, the technical resistance at $65,000 was being tested at the time of his writing. Alan was keenly observing to determine if the bulls had enough momentum to push past the $69,000 mark.
19 thoughts on “Bitcoin Dips Below $66K Amid US Jobs Data Release”
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Bitcoin volatility is exhausting. One minute its up, the next its down.
So Bitcoin drops despite positive data? Feels like we’re always hearing mixed signals.
I thought BTC was supposed to be the safe haven, but it’s just like any other risky asset. Disappointing. 😔
Wow, today’s analysis offers so much valuable insight. Big shoutout to Keith Alan and CrypNuevo! Here’s hoping for another BTC rally! 🌟📈
All this talk about liquidation and resistance levels is just giving me a headache.
I’m loving the support and resistance levels data. It’s clear that Bitcoin is setting up for a robust movement.
BTC enters a liquidation zone, and Im left wondering when well see stability. Frustrating!
Keith Alan keeps saying positive news, but BTC doesn’t seem to care. What’s the deal?
Its refreshing to see Bitcoin stabilizing after a healthy surge. The new unemployment data definitely adds some positive vibes!
Keith Alans detailed breakdown makes me feel more confident about BTC retesting lower levels to build a strong foundation. Solid advice!
Reading these market updates always gives me hope. BTC has potential. Crossing fingers for a breakthrough past $69,000 soon!
Even with brief declines, the overall sentiment remains bullish. BTC is setting the stage for something big. 🌟💸
Revisiting levels below $60,000 for a ‘healthy’ validation? Im tired of this rollercoaster.
CrypNuevo’s insights always hit the mark! The liquidation cluster zone is spot on. Cant wait to see what happens next!
Incredible analysis by Keith Alan on the market dynamics! Looks like Bitcoin is gearing up for some exciting moves.
Loving the positive market sentiment! BTC might have retreated a bit, but the core inflation metrics are looking good. Onwards and upwards! 💹🌈
The BTC market is truly resilient. Even though there was a minor drop, the positive macroeconomic indicators keep the hope alive!
Feeling optimistic thanks to today’s analysis. Bitcoin continues to demonstrate why it’s such an intriguing asset. 🌟💹
Positive employment data adding fuel to the Bitcoin fire! Here’s hoping BTC breaks into new resistance levels. Feeling bullish! 🔥💥