There are several possible reasons why Bitcoin price rose above $65,000 on May 6, 2024:
U.S. labor market activity is strong: The U.S. unemployment rate unexpectedly fell to 3.3% in April, lower than the expected 3.5%, indicating that the labor market remains strong. This may prompt investors to move funds into riskier assets such as Bitcoin.
Expectations for Tech Revenue Growth Decline: Technology stocks have underperformed in recent months as investors worry about rising interest rates and the possibility of a recession. This could lead some investors to shift funds away from technology stocks and into other assets such as Bitcoin.
U.S. Spot Bitcoin ETF Outflows Slow: Slowing U.S. Spot Bitcoin ETF Outflows suggest investors may be increasing their positions in Bitcoin. This could cause Bitcoin prices to rise.
Please note that Bitcoin prices are highly volatile, rising and falling on a daily basis. There are many factors that influence the price of Bitcoin, and it can be difficult to pinpoint why the price goes up or down on any given day.
