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Bitcoin prices are catching attention at $59,000 as Wall Street opens on May 2. Data from TradingView shows the BTC/USD pair nearing the critical $60,000 zone. Bitcoin gained support from the US Federal Reserve’s dovish economic guidance after dropping to $56,500 the previous day.
US Macroeconomic Data and Bitcoin
Fed Chair Jerome Powell left interest rates unchanged as expected and reinforced plans to cut rates before year-end. In a subsequent press conference, Powell shared:
“We know that reducing policy constraints too early or too much could reverse the progress we see in inflation. Likewise, reducing them too late or too little could unnecessarily weaken economic activity and employment.”
Risk assets responded well to this event, and the BTC/USD pair continued to show relief after the selling pressure earlier in the week. Experienced investor Peter Brandt shared with his followers on X:
“If Bitcoin can maintain these low levels and rise higher, the chart will be characterized as a very common bull market continuation structure.”
Blockchain data company Glassnode’s lead chain analyst Checkmate, presented an explanatory chart showing that Bitcoin’s price is still moderate compared to historical bull markets despite its current decline from all-time highs:
“Welcome to the mid-part of the Bitcoin bull market correction.”
Prominent Figure Makes Noteworthy Statement
Meanwhile, many analysts continue to foresee a rise in Bitcoin prices looking forward. Particularly noteworthy today were the Relative Strength Index (RSI) data supporting the new rise narrative in daily time frames.
The daily RSI was at its lowest levels since August 2023, and during this period, the BTC/USD pair breached significant support trend lines before regaining them and moving towards new highs. Popular trader Daan Crypto Trades mentioned in a part of his post on X:
“Buying Bitcoin when the daily RSI level reaches 30 has been a fairly solid strategy in this cycle so far.”
