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Investing.com – After faltering around the key $30,000 threshold on Tuesday and Wednesday, the market began to move further away from that threshold on Thursday, and has stepped up to a high of $30,834 for now on Friday Morning.
At the time of writing, the is showing at $30,670, up 2% over 24 hours and 9% over a week.
Macro data and ETH rally benefit Bitcoin
The cryptocurrency has indeed benefited from some optimism on inflation, after Wednesday’s US CPI and Thursday’s PPI data came in below expectations. Indeed, although investors are still counting on a rate hike of 0.25% for the next Fed meeting in early May, more and more of them believe that the Fed will leave it at that.
For example, Goldman Sachs (NYSE:) yesterday canceled its forecast for an additional rate hike in June.
It’s also worth noting that ‘s has been performing much better than Bitcoin since yesterday, with the second-largest cryptocurrency continuing to benefit from the positive fallout from the Shapella update implemented on Wednesday night.
With BTC and ETH having started to accelerate at the same time overnight from Thursday to Friday, it could be that, for once, Ethereum has led Bitcoin in its rise.
As for the day on Friday, Bitcoin will face a busy macroeconomic program in the US, with retail sales, industrial production, and the University of Michigan confidence index. Weak data would further confirm the prospect of a near end to the rate hike cycle, which would be positive for Bitcoin and other cryptocurrencies.
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Chart thresholds to watch on Bitcoin
From a chart perspective, last night’s high at around $30,800 joins the $31,000 threshold to form an immediate resistance zone for Bitcoin.
Higher, the $32,000 threshold and the May 31, 2022 high of $32,400 will form the next hurdle.
On the downside, $30,000 is the first major support for BTC/USD, ahead of the $29,000 zone, below which the positive underlying trend for the cryptocurrency will begin to be challenged.