#BTC Crypto Daybook Americas: Bitcoin Eyes Breakout as Fed, Jobs Report Take Center Stage
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By Francisco Rodrigues | Times in ET unless noted
Bitcoin (BTC)
#BTC is showing bullish momentum as it approaches the $97,000 mark, riding on the back of a broader market rally that saw U.S. equities notch an eighth straight day of gains Thursday. The S&P 500’s longest winning streak since August reflects growing optimism around easing U.S.-China trade tensions.
#US Despite that optimism, the CoinDesk 20 (CD20) index has stayed relatively flat over the past day. A slowdown in Q1 GDP is keeping concerns about trade-related economic pressure alive. Market participants are now pricing in the possibility of four Fed rate cuts this year—up from three before the latest tariff headlines. However, a hotter-than-expected reading in the Fed’s favored inflation gauge, the PCE index, may cap how aggressively the central bank can ease, according to CoinShares' Head of Research, James Butterfill.
Butterfill underscored the importance of Friday’s U.S. jobs report, calling it a "pivotal factor" for monetary policy direction.
“The Fed will likely act with urgency only in response to a pronounced downturn, rather than moving preemptively,” he said. “Such a sharp pivot could become a trigger for bitcoin to break out, as investors turn to hard assets in a looser monetary environment.”
That scenario would be consistent with seasonal trends. Historical data from CoinGlass shows BTC averages a 7.52% gain in May since 2013. Ether (ETH), which has lagged behind BTC recently, typically surges even more in May—averaging a 27.3% rise since 2016, making it Ethereum’s most favorable month.
#ETH “Market sentiment is improving after a rocky Q1,” said Vijay Chetty, CEO of Eclipse. “April marked a strong recovery as macro worries faded, and increased regulatory transparency is quietly laying the groundwork for institutional adoption,” he added.
#CEO Stay sharp and watch the data—this could be a pivotal moment for crypto.
$BTC