Bitcoin price fails $38.5K breakout as US GDP fuels Fed hard landing woes

Fellow trader Daan Crypto Trades recommended that a period of flatter BTC price efficiency could now enter before a fresh bout of upside volatility.”Price secured some liquidity above and below,” he commented about the days events. “Would not shock me to see some more sideways chop for both sides to develop more positions before the next bigger relocation.”BTC/USDT liquidity map for Binance. Source: Daan Crypto Trades/XAn accompanying chart showed liquidity for the BTC/USDT set on largest worldwide exchange Binance.Eyeing possible disadvantage opportunities, Michaël van de Poppe, founder and CEO of trading firm MN Trading, flagged a variety between $33,000 and $35,000– already a popular zone based upon liquidity.”Markets are consolidating. Offering opportunities, still no breakout of Bitcoin above $38K,” his latest X analysis read. “If we continue to make greater lows, greater highs, a breakout appears to be occurring soon. Structure lost? Purchasing $33-35K.”This post does not contain investment recommendations or recommendations. Every investment and trading move involves danger, and readers should conduct their own research when deciding.

Bitcoin (BTC) shrank back from resistance after the Nov. 29 Wall Street open as United States GDP figures beat expectations.BTC/ USD 1-hour chart. Source: TradingViewGDP sets tone for macro-sensitive cryptoData from Cointelegraph Markets Pro and TradingView followed a familiar BTC price retracement on short timeframes.Bitcoin bulls had handled to propel the market above $38,000 the day prior, only to turn flop around that level before eventually dropping as U.S. macro data hit.This showed Q3 GDP speeding up beyond anticipated levels, can be found in at 5.2% versus 4.9%, respectively.This renewed concerns over how the Federal Reserve may handle policy ahead of an interest rates choice in mid-December.” 5.2% is the final reading, it will mark the greatest GDP growth considering that Q4 2022,” monetary commentary resource The Kobeissi Letter wrote in part of a response on X (formerly Twitter.)” Can the Fed attain a soft landing?” U.S. GDP % modification chart (screenshot). Source: U.S. Bureau of Economic AnalysisKobeissi referenced words from Bill Ackman, CEO and creator of hedge fund Pershing Square Capital Management, who the day prior had actually gone on record to predict a Fed rate pivot as quickly as Q1, 2024.” Yesterday, Bill Ackman wager on a tough landing with rate cuts beginning in Q1. Currently, futures dont see rate cuts starting until June 2024,” it continued.Data from CME Groups FedWatch Tool revealed partially increasing bets on a further hike in December following the GDP release, with additional crucial data due on Nov. 30. The chances of a walking stood at 4.2% at the time of writing versus 0.5% previously.Fed target rate likelihoods chart. Source: CME GroupAnalyst: Bitcoin is a buy listed below $35,000 Bitcoin on the other hand continued acting in a familiar design from recent days. Related: Buy the rumor, sell the news– Bitcoin ETF might trigger TradFi sell-offBulls still stopped working to split an essential resistance zone beginning at $38,500, in spite of some being confident that an attack on $40,000 would ultimately result.” No HH or breakout confirmation yet, eyeing a sweep of $37.3 K location & & HL setup for the HH,” popular trader Skew informed X subscribers, referring to a “higher high” being required.$ BTC 4HNo HH or breakout verification yet, eyeing a sweep of $37.3 K location & & HL setup for the HH https://t.co/VDSl43g7Hh pic.twitter.com/wwGTTegxlM— Skew Δ (@ 52kskew) November 29, 2023

Source: TradingViewGDP sets tone for macro-sensitive cryptoData from Cointelegraph Markets Pro and TradingView followed a familiar BTC rate retracement on short timeframes.Bitcoin bulls had managed to move the market above $38,000 the day prior, only to turn flop around that level before ultimately dropping as U.S. macro information hit.This showed Q3 GDP speeding up beyond expected levels, coming in at 5.2% versus 4.9%, respectively.This renewed issues over how the Federal Reserve may handle policy ahead of an interest rates decision in mid-December.” U.S. GDP % modification chart (screenshot). Currently, futures do not see rate cuts beginning till June 2024,” it continued.Data from CME Groups FedWatch Tool revealed marginally increasing bets on an additional hike in December following the GDP release, with more crucial data due on Nov. 30. The odds of a walking stood at 4.2% at the time of composing versus 0.5% previously.Fed target rate likelihoods chart.