GDP sets tone for macro-sensitive crypto
After the opening of Wall Street on November 29, Bitcoin (BTC) retreated from resistance as the United States GDP figures exceeded expectations. The market had briefly risen above $38,000 before dropping due to the positive Q3 GDP data. This raised concerns about how the Federal Reserve would handle policy ahead of an interest rates decision in mid-December.
Analyst: Bitcoin is a buy below $35,000
Bitcoin continued to struggle to break through the key resistance zone at $38,500. Traders believe that a “higher high” is required before a breakout can occur. Some analysts suggest that Bitcoin may experience a period of sideways movement before another surge in price volatility. Michaël van de Poppe identified a range between $33,000 and $35,000 as a potential buying opportunity if the market structure remains intact.
Hot Take: Bitcoin faces resistance after positive GDP data
Bitcoin encountered resistance and dropped below $38,000 after the release of better-than-expected US GDP figures. This raised concerns about the Federal Reserve’s future policy decisions and its impact on cryptocurrencies. Traders are closely monitoring key resistance levels and anticipate a breakout above $38,500 for further price gains. However, if Bitcoin fails to make higher highs, it may consolidate within a range between $33,000 and $35,000. Overall, the market remains sensitive to macroeconomic data and investor sentiment as it determines Bitcoin’s next move.
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