Bitcoin (BTC) displayed a 3% gain on May 1 as the new month commenced, putting pressure on shorts struggling to contain the price. Data from Cointelegraph Markets Pro and TradingView indicated BTC/USD reaching $96,955 on Bitstamp, its highest level since February 22. The surge in Bitcoin’s price coincided with a rise in US stocks at the Wall Street opening, particularly as Microsoft surged by 10%, becoming the world’s most highly valued public company. Analysts such as Daan Crypto Trades suggested that stocks might be on the verge of a sustained bullish trajectory. They pointed out that if stocks trade back above the .618 Fibonacci retracement after a significant drop, it could signal a bottom being in place. The S&P 500 chart showed a V-shaped recovery nearing monthly highs, potentially influencing Bitcoin and other cryptocurrencies. Traders like Skew monitored exchange order book liquidity, especially around the $97,000 mark, anticipating short-term movements. Despite the optimistic start to May, concerns about a US recession lingered due to poor GDP data, prompting the Federal Reserve to consider interest rate cuts. This uncertainty led to speculation among crypto market commentators about a potential strong rebound in the coming months. Analyst Michaël van de Poppe noted that bad macroeconomic data could lead to increased pressure on the Fed to stimulate the economy, which could benefit risk-on assets like Bitcoin and negatively impact safe-haven assets like gold. As a result, XAU/USD was down over 8% from its all-time highs in April. It is essential to note that this article does not provide investment advice, and readers are encouraged to conduct their own research before making any financial decisions.