Downbeat NFP data from the US economy last week spurred a late Friday rally for bitcoin price against the dollar, as the report reminded traders that the Fed isn’t likely to increase interest rates in June. However, downbeat global data appears to have brought risk aversion back to the table and might support the safe-haven dollar against riskier assets like bitcoin.
Over the weekend, China printed a larger trade surplus but the report components showed a 10.9% drop in imports, their 18th consecutive monthly decline. This could spur yet another downturn in commodities, dragging other higher-yielding assets lower in the process.
Later on in the week, US retail sales and PPI figures are due and strong data could keep the dollar supported. On the other hand, another batch of disappointing results could lead investors to prop up bitcoin price.
http://www.newsbtc.com/2016/05/10/bitcoin-price-technical-analysis-05102016-uptrend-channel-forming/
