3 hours ago
Bitcoin attempts to punish shorters with relentless higher highs connected debased timeframes, trading places with gold, which follows commodities downhill.
Bitcoin (BTC) gained 3% connected May 1 arsenic a caller period saw shorts conflict to support terms pinned.
BTC/USD 1-hour chart. Source: Cointelegraph/TradingViewBitcoin pressures shorts aft 3% regular gains
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching $96,955 connected Bitstamp, its highest since Feb. 22.
Increasingly adjacent to six figures, Bitcoin roseate with US stocks astatine the Wall Street unfastened arsenic Microsoft gained 10% to go the world’s highest-valued nationalist company.
Reacting, fashionable trader Daan Crypto Trades suggested that stocks whitethorn beryllium connected the cusp of a instrumentality to sustained bullish trajectory.
“Stocks commercialized astatine a cardinal country here,” helium wrote successful ongoing X analysis.
“I deliberation the wide regularisation is that if stocks bash commercialized backmost supra the .618 Fibonacci retracement aft a large drop, the bottommost is considered to beryllium in.”
S&P 500 1-day chart. Source: Daan Crypto Trades/XAn accompanying illustration showed the S&P 500 approaching monthly highs, delivering a V-shaped recovery.
“Even though $BTC has held up amended recently, ample moves by equities should inactive power BTC & Crypto. So ticker this zone,” Daan Crypto Trades added.
Fellow trader Skew watched speech bid publication liquidity for signs of short-term moves to come.
— Skew Δ (@52kskew) May 1, 2025The latest information from monitoring assets CoinGlass showed inquire liquidity thickening astir $97,000 astatine the clip of writing.
BTC liquidation heatmap (screenshot). Source: CoinGlassAnalyst connected macro picture: “Short term: atrocious for gold”
The optimistic May unfastened meantime came contempt the macroeconomic outlook remaining uncertain arsenic recession fears returned connected the backmost of mediocre US GDP data.
Related: Bitcoin eyes gains arsenic macro information makes US recession 2025 ‘base case’
With the Federal Reserve under unit to chopped involvement rates, assorted crypto marketplace commentators saw the accidental for a stronger comeback successful the coming months.
“Bad macroeconomic information came along, done which the unit connected the FED is expanding to commencement the wealth printer again,” Crypto trader, expert and entrepreneur Michaël van de Poppe told X followers successful portion of a station connected the day.
“Ultimately, bully for risk-on assets. Short-term, atrocious for Gold.”
XAU/USD 1-day chart. Source: Cointelegraph/TradingViewXAU/USD was down much than 8% versus its all-time highs seen successful April, with lipid besides suffering.
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