Bitcoin bulls prep $97K resistance showdown as gold dips 8% from highs
Bitcoin (BTC) rose 3% on May 1, reaching $96,955 on Bitstamp, its highest since February 22. The increase coincided with a rise in US stocks, particularly Microsoft, which gained 10%. Trader Daan Crypto Trades indicated that stocks might be entering a bullish phase, suggesting that if they surpass the .618 Fibonacci retracement, the market bottom could be confirmed. The S&P 500 showed signs of recovery, impacting Bitcoin and the broader crypto market. CoinGlass reported thickening ask liquidity around $97,000. Despite this positive momentum, recession fears resurfaced due to disappointing US GDP data, prompting speculation about potential Federal Reserve interest rate cuts. Analysts noted that poor macroeconomic indicators could favor risk-on assets while negatively impacting gold prices, which fell over 8% from April highs.
