Late-night blockbuster! The latest data exceeded expectations. Will Bitcoin stabilize tomorrow?
1️⃣Just now, the United States announced the number of initial unemployment claims for the week ending May 25, which was 219,000, and the expected number was 218,000. The previous value was 215,000, which exceeded expectations and was good news!
Many people may not understand how the number of unemployment claims exceeding expectations is good news? This is because the number of unemployed people exceeded expectations, which means that the US economy may be slowing down, which increases the probability of the Federal Reserve cutting interest rates. And interest rate cuts are absolutely good news for cryptocurrencies such as Bitcoin.
2️⃣ In addition, there is another important news tonight, that is, BlackRock's Bitcoin spot ETF has become the fastest ETF to reach US$20 billion. Bitcoin has shocked Wall Street and is increasingly sought after by institutional funds. If the June spot Ethereum ETF is also passed, you can imagine how magnificent this bull market will be!
3️⃣ There is another important data tomorrow night. The core PCE of the United States in April will be released, which is more representative of whether inflation is suppressed than CPI data. If it is higher than expected, it is bad news; if it is lower than expected, it is a big positive.
4️⃣ Let’s talk about the situation of Bitcoin. Under the interweaving of good and bad news, Bitcoin is currently waiting for a direction to choose. It has been fluctuating around 68,000 for 3 consecutive days. From a technical point of view, the 1-hour and 4-hour charts still show a bullish arrangement, and the bulls are still strong. If there is good news to stimulate, it will be no problem to stand at 70,000 US dollars again.
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