On May 1, Bitcoin saw a gain of 3%, reaching $96,955 on Bitstamp, its highest since February 22. This rise occurred alongside gains in US stocks, particularly as Microsoft rose by 10%. Popular trader Daan Crypto Trades observed that if stocks recover above a critical Fibonacci retracement level, it may indicate that the bottom for the market has been reached. The S&P 500 is also nearing monthly highs, and large movements in equities could influence Bitcoin and the broader crypto market. Meanwhile, Bitcoin's performance contrasted with gold, which experienced an 8% decline from its April highs amid returning recession fears and disappointing US GDP data. Analysts, including Michaël van de Poppe, suggest that poor macroeconomic indicators might prompt the Federal Reserve to stimulate the economy, which could benefit risk-on assets like Bitcoin while negatively impacting gold. Traders are closely watching the $97,000 mark for potential short-term movements.

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