Bitcoin price fails $38.5K breakout as US GDP fuels Fed hard-landing woes
Bitcoin (BTC) diminished back from resistance after the Nov. 29 Wall Street open as United States gross domestic product (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 rate retracement on brief timeframes.Bitcoin bulls had handled to propel the market above $38,000 the day prior, just to flip-flop around that level before eventually dropping as U.S. macro data hit.This showed Q3 GDP accelerating beyond prepared for levels, coming in at 5.2% versus 4.9%. Currently, futures do not see rate cuts starting till June 2024,” it continued.Data from CME Groups FedWatch Tool revealed partially increasing bets on a further walking in December following the GDP release, with additional essential data due on Nov. 30. The odds of a hike stood at 4.2% at the time of composing versus 0.5% previously.Fed target rate likelihoods chart.
Bitcoin (BTC) shrank from resistance after the Nov. 29 Wall Street open as United States gross domestic item (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 rate retracement on brief timeframes.Bitcoin bulls had managed to move the market above $38,000 the day prior, just to flip-flop around that level before eventually dropping as U.S. macro information hit.This showed Q3 GDP speeding up beyond expected levels, can be found in at 5.2% versus 4.9%. This restored issues over how the United States Federal Reserve might deal with policy ahead of an interest rates decision in mid-December.” 5.2% is the final reading, it will mark the greatest GDP development given that Q4 2022,” financial commentary resource The Kobeissi Letter wrote in part of a reaction on X (previously Twitter.)” Can the Fed accomplish a soft landing?” U.S. GDP percentage change chart (screenshot). Source: U.S. Bureau of Economic AnalysisKobeissi referenced words from Bill Ackman, creator and CEO and founder of hedge fund Pershing Square Capital Management, who the day prior had gone on record to predict a Fed rate pivot as quickly as Q1, 2024.” Yesterday, Bill Ackman wager on a hard landing with rate cuts beginning in Q1. Presently, futures do not see rate cuts beginning up until June 2024,” it continued.Data from CME Groups FedWatch Tool showed partially increasing bets on an additional walking in December following the GDP release, with further essential information due on Nov. 30. The odds of a walking stood at 4.2% at the time of writing versus 0.5% previously.Fed target rate probabilities chart. Source: CME GroupAnalyst: Bitcoin is a buy below $35,000 Bitcoin, meanwhile, continued acting in a familiar style from current days. Related: Buy the report, offer the news– Bitcoin ETF may trigger TradFi sell-offBulls still failed to break a crucial resistance zone beginning at $38,500, despite some being positive that an attack on $40,000 would ultimately result.” No HH or breakout confirmation yet, eyeing a sweep of $37.3 K area & & HL setup for the HH,” popular trader Skew told X fans, describing a “higher high” being required.$ BTC 4HNo HH or breakout verification yet, eyeing a sweep of $37.3 K area & & HL setup for the HH https://t.co/VDSl43g7Hh pic.twitter.com/wwGTTegxlM— Skew Δ (@ 52kskew) November 29, 2023
Fellow trader Daan Crypto Trades recommended that a period of flatter BTC cost efficiency could now enter before a fresh bout of benefit volatility. Source: Daan Crypto Trades/XAn accompanying chart showed liquidity for the BTC/USDT pair on Binance, the biggest global exchange.Eyeing prospective disadvantage opportunities, Michaël van de Poppe, founder and CEO of trading firm MN Trading, flagged a variety between $33,000 and $35,000– currently a popular zone based on liquidity. Giving opportunities, still no breakout of Bitcoin above $38K,” his newest X analysis checked out.