Bitcoin rises to $97k, consumer confidence drops and supermarkets worry

Bitcoin’s price remained quite positive on Thursday, May 1st, rising to $97k at one point. The largest digital currency has been trading within a fairly narrow trading range for a week now, and analysts say a further breakout to the upside is imminent.

Meanwhile, consumer confidence in the United States is dropping to very low levels, and supermarkets are warning of empty shelves.

Covid

While we in Europe are still wondering what caused the power outage in Spain and Portugal earlier this week, in the United States we are starting to see the consequences of Trump’s trade war with China.

Consumer confidence has fallen for the fifth month in a row and has now reached a level that they last witnessed during Covid. Supermarket chains are quite worried about the future.

Normally, at this moment they place their orders for the two most important periods of the year. The times when parents and families do their shopping in the big supermarkets (such as CostCo and Walmart), aka the return to school and the end of the year. However, due to the import tariffs that Trump has imposed on China, orders are unsure and very few goods are still being shipped to the United States from Asia. Analysts say that empty supermarket shelves will soon be inevitable.

Gold

Bitcoin and gold meanwhile remain quite stable and seem to confirm their new level. The largest digital currency has been moving between $92k and $97k for several days and a new breakout above the top of that trading band may follow this weekend if economic conditions continue to deteriorate.