Bitcoin (BTC) Struggles to Sustain Rebound as Macro Data Boosts Risk-Asset Bulls
The price of Bitcoin (BTC) failed to sustain a rebound at the May 9 Wall Street open, despite new macro data bolstering risk-asset bulls. Data from Cointelegraph Markets Pro and TradingView showed a brief spike in BTC to $61,750, which ultimately failed to hold. This came in the wake of the latest United States jobless claims, which exceeded expectations, reaching their highest levels in nine months at 231,000 versus the expected 212,000.
The Federal Reserve had previously highlighted signs of strain within the labor market as a key reason to consider interest rate cuts. Despite this, BTC/USD appeared unenthusiastic, dropping back below $61,000 at the time of writing. Popular trader Daan Crypto Trades noted that significant bids appeared between $59-60K, indicating a potential price level for support.
In a recent update, trading firm QCP Capital suggested that markets were pricing in two Fed cuts this year, with the first cut expected in September. The firm also noted that BTC spot ETF flows had flattened out after recent strong inflows, leading to a lower volatility, consolidation view in trading.
On a more optimistic note, trader Titan of Crypto gave a potential upside target of $75,000 for the end of the current consolidation period. He also mentioned a possible inverse head and shoulders pattern forming, with downside limited to much beyond $55,000 should weakness reenter the market. Titan of Crypto expects Bitcoin to reach six figures for the first time, emphasizing the need for time and patience from market participants.
Overall, the Bitcoin market remains dynamic and unpredictable, with traders and analysts closely monitoring price movements and market trends. This article does not contain investment advice or recommendations, and readers are advised to conduct their own research before making any investment decisions.
