Bitcoin Price Erases FOMC Gains as US Dollar Soars on Q2 GDP Print
Bitcoin rejects a "nothingburger" US GDP, but DXY hits two-week highs in what is traditionally price contrary to BTC.< /p>
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Bitcoin (BTC) eroded yesterday's gains on July 27 as US macro data produced a muted reaction.
BTC/USD hourly chart. Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed BTC price strength waning after a brief surge to $29,680 on the daily close.
The biggest cryptocurrency had offered a slight uptick after the Federal Reserve raised interest rates to their highest level since 2001 – a move already priced in by the markets.
The advance release of U.S. gross domestic product (GDP) for the second quarter came in better than expected at 2.4% annualized, indicating that inflationary pressures continue to ease in what could be expected. be a catalyst for the performance of risky assets.
Bitcoin didn't noticeably react, however, with shares also fairly flat after Wall Street's open.
Michael van de Poppe, founder and CEO of trading company Eight, therefore hoped that the July 28 Personal Consumption Expenditure (PCE) Index release would provide a more tangible incentive for growth.
"GDP is much more positive than expected. That's great. The soft landing case is starting to pick up speed. If GDP was worse than expected, you'd see markets fall," he said. he explained in an update on Twitter.
"Bitcoin stable, stocks stable. Now PCE is better than expected and we are going up.
A subsequent article nevertheless warned that BTC/USD may experience a decline ahead...
Bitcoin rejects a "nothingburger" US GDP, but DXY hits two-week highs in what is traditionally price contrary to BTC.< /p>
Market Update
Join us on social networks
Bitcoin (BTC) eroded yesterday's gains on July 27 as US macro data produced a muted reaction.
BTC/USD hourly chart. Source: TradingViewData from Cointelegraph Markets Pro and TradingView showed BTC price strength waning after a brief surge to $29,680 on the daily close.
The biggest cryptocurrency had offered a slight uptick after the Federal Reserve raised interest rates to their highest level since 2001 – a move already priced in by the markets.
The advance release of U.S. gross domestic product (GDP) for the second quarter came in better than expected at 2.4% annualized, indicating that inflationary pressures continue to ease in what could be expected. be a catalyst for the performance of risky assets.
Bitcoin didn't noticeably react, however, with shares also fairly flat after Wall Street's open.
Michael van de Poppe, founder and CEO of trading company Eight, therefore hoped that the July 28 Personal Consumption Expenditure (PCE) Index release would provide a more tangible incentive for growth.
"GDP is much more positive than expected. That's great. The soft landing case is starting to pick up speed. If GDP was worse than expected, you'd see markets fall," he said. he explained in an update on Twitter.
"Bitcoin stable, stocks stable. Now PCE is better than expected and we are going up.
A subsequent article nevertheless warned that BTC/USD may experience a decline ahead...
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