Source: Cointelegraph.com NewsBitcoin (BTC) gained 3% on May 1 as a new month saw shorts struggle to keep price pinned.BTC\/USD 1-hour chart. Source: Cointelegraph\/TradingView
\nBitcoin pressures shorts after 3% daily gains
\nData from Cointelegraph Markets Pro and TradingView showed BTC\/USD reaching $96,955 on Bitstamp, its highest since Feb. 22.
\nIncreasingly close to six figures, Bitcoin rose with US stocks at the Wall Street open as Microsoft gained 10% to become the world\u2019s highest-valued public company.
\nReacting, popular trader Daan Crypto Trades suggested that stocks may be on the cusp of a return to sustained bullish trajectory.
\n\u201cStocks trade at a key area here,\u201d he wrote in ongoing X analysis.
\n\u201cI think the general rule is that if stocks do trade back above the .618 Fibonacci retracement after a big drop, the bottom is considered to be in.\u201d
\nS&P 500 1-day chart. Source: Daan Crypto Trades\/XAn accompanying chart showed the S&P 500 approaching monthly highs, delivering a V-shaped recovery.
\n\u201cEven though $BTC has held up better recently, large moves by equities should still influence BTC & Crypto. So watch this zone,\u201d Daan Crypto Trades added.
\nFellow trader Skew watched exchange order book liquidity for signs of short-term moves to come.<\/p>\n
$BTCWho’s going to be right this time?Longs or Shorts pic.twitter.com\/4xSu86WzSQ\u2014 Skew \u0394 (@52kskew) May 1, 2025<\/p>\n
The latest data from monitoring resource CoinGlass showed ask liquidity thickening around $97,000 at the time of writing. Source: Cointelegraph.com NewsBitcoin (BTC) gained 3% on May 1 as a new month saw shorts struggle to keep price pinned.BTC\/USD 1-hour chart. Source: Cointelegraph\/TradingView Bitcoin pressures shorts after 3% daily… <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/128385"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=128385"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/128385\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=128385"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=128385"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=128385"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nBTC liquidation heatmap (screenshot). Source: CoinGlassAnalyst on macro picture: \u201cShort term: bad for gold\u201d
\nThe optimistic May open meanwhile came despite the macroeconomic outlook remaining uncertain as recession fears returned on the back of poor US GDP data.
\nRelated: Bitcoin eyes gains as macro data makes US recession 2025 \u2018base case\u2019
\nWith the Federal Reserve under pressure to cut interest rates, various crypto market commentators saw the chance for a stronger comeback in the coming months.
\n\u201cBad macroeconomic data came along, through which the pressure on the FED is increasing to start the money printer again,\u201d Crypto trader, analyst and entrepreneur Micha\u00ebl van de Poppe told X followers in part of a post on the day.\u00a0
\n\u201cUltimately, good for risk-on assets. Short-term, bad for Gold.\u201d
\nXAU\/USD 1-day chart. Source: Cointelegraph\/TradingViewXAU\/USD was down more than 8% versus its all-time highs seen in April, with oil also suffering.
\nThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"