bitcoin (BTC) held at $29,000 at the Wall Street open on April 27 as US GDP growth missed expectations.
US GDP numbers reveal a surprise slowdown
Data of Cointelegraph Pro Markets and TradingView showed BTC/USD once again stagnant after the sudden volatility the day before.
The largest cryptocurrency had liquidated more than $300 million long and short after a quick correction on claims that Mt. Gox and US government bitcoins had left their wallets.
A subsequent bounce salvaged some of the losses, but $30,000 remained out of reach as macro data did not offer a suitable catalyst.
This came in the form of GDP growth, which at 1.1% was well below predictions.
The US economy is losing steam: US GDP grew 1.1% in the first quarter of 2023, slower than the 1.9% expected and slower than the previous quarter (2, 6%). The main drag came from significantly lower inventory buildup, while private consumption remained strong. pic.twitter.com/ezpuHeJuNC
โHolger Zschaepitz (@Schuldensuehner) April 27, 2023
โGrowth expectations are falling rapidly,โ financial commentator Tedtalksmacro wrote partly from Twitter following.
Gold lover Peter Schiff, chief economist and global strategist at Europac, predicted that inflation would remain at the hands of the Federal Reserve, which next week will decide on the next interest rate changes.
โToday's first quarter #GDP growth of 1.1% confirms that the economy is weakening as inflation strengthens,โ he said. summarized.
โThe Fed has already lost its war against inflation. Inflation won and the US economy lost. The Fed's next move will be to 'rescue' the economy by creating even more inflation.โ
Market expectations of a 0.25% rate hike in May were maintained unchanged vs. start of week as a result of GDP data, according to CME Group data FedWatch Toolwith the remaining odds at 85%.
Bitcoin Price Rebounds From "Ultra Nasty Correction"
As for Bitcoin, traders' short-term BTC price targets were decidedly conservative.
Related: Bitcoin Price Can 'Easily' Hit $20,000 In The Next 4 Months: Philip Swift
Michaรซl van de Poppe, founder and CEO of trading company Eight, highlighted the bullish and bearish levels near the spot price.
โUltra nasty correction in Bitcoin, causing a chain reaction in altcoins as well,โ he said. said Twitter followers.
โThe levels are pretty clear as Bitcoin is still at $29,000. You need to hold $28,200 for potential long positions. Breaking and flipping $29,200 is a continuation towards the highs."
Meanwhile, Daan Crypto Trades noted that BTC/USD had virtually come full circle in 24 hours, with leverage removed from the system.
โYesterday we saw some massive squeezing both ways, completely wiping out all the high leverage,โ he said. commented together with an explanatory table.
โSince then, the price is where it was before the first short tightening, but open interest hasn't come close to recovering. Low leverage currently. Slight cash premium.โ
Magazine: Post shirtless shit and hunt SBFs on the streets of memes: Gabriel Haines, Hall of Flame
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making a decision.
Post navigation
