Bitcoin chews through overhead resistance on the back of U.S. GDP and jobless claims data, with risk assets benefiting across the board.) pushed toward $69,000 at the May 30 Wall Street open as favorable United States macro data gave risk assets fresh relief.Q1 U.S. GDP data fell in line with expectations, while jobless claims beat them, feeding into a bullish risk-asset narrative based on financial conditions loosening sooner.
Initial jobless claims were 219,000 week-on-week versus 217,000 expected, up from 215,000 the month prior.Skew noted a conversely negative response from both U.S. bond yields and U.S. dollar strength. The U.S. dollar index was down 0.33% on the day at the time of writing.The Federal Reserve’s forthcoming meeting on June 12 had just 1.1% odds of producing a surprise cut on the day.
BTC/USD was eating into resistance around the $69,000 mark at the time of writing, this having increased as the economic reports were released. At the same time, bid support was strengthened at $66,800.at the start of the week, trading firm Mosaic asset has included Bitcoin in its assets worth watching for an impending breakout.
“And if credit is relatively cheap and available, then that should be reflected by positive action in speculative asset classes. That includes areas like high yield bonds that are holding their breakout to new highs,” its author continued.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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