Bitcoin BTC Price Is On The Rise: Did US Data Fuel The Crypto Surge?

Bitcoin's price surged toward $69,000 following the release of favorable U.S. macroeconomic data. This development bolstered risk assets and weakened the dollar, setting the stage for potential further gains in the cryptocurrency market.

How did recent US data boost BTC Price?

Bitcoin (BTC) experienced a notable increase, reaching local highs of $68,800 as reported by TradingView. The recent U.S. GDP and jobless claims data played a crucial role in this rise. Jobless claims surpassed expectations, coming in at 219,000 compared to the anticipated 217,000, marking an increase from the previous month's 215,000.

Popular trader Skew highlighted the impact of these economic indicators, noting a decline in both U.S. bond yields and the U.S. dollar strength. The U.S. dollar index (DXY) fell by 0.33% on the day. Skew also mentioned that market expectations were reasonable and that any downside risk was already well-defined.

Market Expectations and Federal Reserve Policy 

Despite the positive jobless claims data, markets remained skeptical about the likelihood of interest rate hikes before September, as indicated by CME Group’s FedWatch Tool. The Federal Reserve’s upcoming meeting on June 12 had only a 1.1% probability of a surprise interest rate cut.

What is BTC resistance level today?

At the time of writing, Bitcoin was approaching the resistance level of $69,000, with strengthened bid support at $66,800. The latest data indicated changing liquidity conditions across order books, contributing to Bitcoin's upward momentum.

Crypto Market Overview

Recent news shows that Bitcoin is now on the watchlist for a potential breakout. Some analysts pointed to "loosening financial conditions" as a catalyst for further gains in risk-on assets, emphasizing that any pullbacks would likely be minor pauses in the ongoing bull market trend.

This analysis was proven in the recent crypto market surge, following the BTC price increase despite the stagnation it went through the past couple of days. But what to expect for the next phase, will BTC surpass the $70K target and record new all-time highs?