Apr 28, 2023

U.S. GDP Growth Misses Mark, BTC/USD Stuck at $29K

Cryptocurrency markets remain relatively stagnant on April 27 as the United States GDP growth rate failed to meet expectations. Data from Cointelegraph Markets Pro and TradingView showed that Bitcoin (BTC) has been stuck at around $29,000 since the Wall Street open, with the largest cryptocurrency liquidating over $300 million in long and short positions after a snap correction the day prior.

The US GDP figures for the first quarter of 2023 revealed a surprise slowdown, with growth coming in at 1.1%, significantly lower than the expected 1.9%. Private consumption remained strong, but the main drag came from significantly lower inventory accumulation. Financial commentator Tedtalksmacro commented on the news, saying that “growth expectations are falling fast”.

Peter Schiff, chief economist and global strategist at Europac, predicted that inflation would endure at the hands of the Federal Reserve, which is due to decide on the next changes in interest rates next week. He said that “today’s 1.1% Q1 #GDP growth confirms the economy is getting weaker as inflation is getting stronger” and that “the Fed’s next move will be to ‘rescue’ the economy by creating even more inflation”.

Market expectations for a 0.25% rate hike in May remained unchanged versus the start of the week, according to CME Group’s FedWatch Tool, with the odds remaining at 85%.

Turning to Bitcoin, traders’ BTC price targets for the short term were decidedly conservative. Michaël van de Poppe, founder and CEO of trading firm Eight, highlighted upside and downside levels close to spot price, saying that “Bitcoin needs to hold $28,200 for potential longs. Breaking and flipping $29,200 is continuation towards the highs”.

Daan Crypto Trades, meanwhile, noted that BTC/USD had practically come full circle in 24 hours, with leverage flushed from the system. He commented that “since then, price is about where it was before the first short squeeze but open interest has not come close to recovering. Low leverage currently. Slight spot premium.”

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Disclaimer: All investment or financial opinions expressed by MoonLanding Media are not recommendations and are intended for entertainment purposes only. Do your own research prior to making any kind of investment. This article has been generated based on trending topics, has not been fact checked and may contain incorrect information. Please verify all information before relying on it.