Bitcoin Price No $38.5K Breakout Yet, Blaming US GDP and the Fed’s Hard Landing Woes

Bitcoin Price Fails to Break $38.5K Amid US GDP Report and Growing Concerns of Fed's Hard Landing

Bitcoin Shrinks Back as United States GDP Figures Beat Expectations

BTC took a step back after the Nov. 29 Wall Street open, facing resistance like a stubborn door frame. Just when Bitcoin bulls had managed to propel the market above $38,000, the market flip-flopped around that level like a dancer with two left feet. Ultimately, it dropped as U.S. macro data hit the stage.

The data showed that Q3 GDP accelerated beyond anticipated levels, coming in at a surprising 5.2% versus the expected 4.9%. This unexpected surge renewed concerns over how the Federal Reserve might handle policy ahead of an interest rate decision in mid-December. The question on everyone’s minds: Can the Fed achieve a soft landing?

Bill Ackman, CEO and founder of hedge fund Pershing Square Capital Management, had something to say about this as he predicted a hard landing and rate cuts starting as soon as Q1, 2024. But while Ackman was confident about a hard landing, futures didn’t share his enthusiasm. They didn’t expect rate cuts until June 2024, taking the spotlight away from Ackman’s prediction.

Still, data from CME Group’s FedWatch Tool showed marginally increasing bets on a further hike in December following the GDP release. The odds of a hike stood at 4.2% at the time of writing, compared to the previous 0.5%. It seems like the stage is set for some suspenseful drama.

• Cristiano Ronaldo Dribbles into Legal Trouble Binance Endorsement and Unlawful Securities Promotion under Scrutiny
• Binance in the Hot Seat Philippines SEC Raises Concerns About Lack of License – Here’s the Latest Scoop!
• SEC Caught in a Stalemate on Franklin and Hashdex Bitcoin ETFs Brace Yourself for a Wave of Approvals in January 2024

Analyst: Bitcoin is a Buy Below $35,000

Meanwhile, Bitcoin continued to show its dramatic flair, acting in its trademark style. Bulls tried and failed to crack a key resistance zone that began at $38,500. Some were confident that an assault on $40,000 was imminent, but the market had other plans.

“No HH or breakout confirmation yet, eyeing a sweep of $37.3K area & HL setup for the HH,” said popular trader Skew, referring to the higher high that everyone was eagerly anticipating. But alas, it seemed like Bitcoin was playing hard to get.

Another trader, Daan Crypto Trades, suggested that a period of flatter BTC price performance could now enter the stage before a fresh bout of upside volatility. A little calm before the storm, if you will.

However, Michaël van de Poppe, founder and CEO of trading firm MN Trading, had different plans. He flagged a range between $33,000 and $35,000 as a potential buying opportunity, a zone that has already gained popularity among investors. According to him, if the structure is lost, buying at $33-35K could be the key to success.

The stage is set, the players are ready, and the audience is eager to see what happens next in the epic Bitcoin drama. Will Bitcoin break free from resistance and soar to new heights? Or will it continue its dance of uncertainty? Stay tuned and find out!

---

Hey there, fellow digital asset investors! 🌟✨

Did you catch the latest act in the Bitcoin drama? It seems like Bitcoin’s dance with resistance left us all on the edge of our seats. Bulls tried to push the market above $38,000, but it turned into quite the flip-flop show. And as the U.S. GDP figures took center stage, Bitcoin took a step back, leaving us all wondering what’s next.

The data showed that Q3 GDP exceeded expectations, leaving everyone with a mix of excitement and concern. Will the Federal Reserve achieve a soft landing? The jury’s still out on that one. But with Bill Ackman predicting a hard landing, the plot thickens!

In the midst of all the excitement, Bitcoin continued to showcase its dramatic flair. Bulls couldn’t crack the resistance level and had to retreat. However, analysts have their eyes on a potential buying opportunity between $33,000 and $35,000. Could this be a chance for Bitcoin to steal the show?

So, buckle up and get ready for the next act of the Bitcoin drama. Will Bitcoin break free from its resistance chains and reach new heights? Or will it continue its unpredictable dance? Stay tuned to find out!

What’s your take on the Bitcoin saga? Share your thoughts and let the show go on! 💃🚀

We will continue to update Blocking; if you have any questions or suggestions, please contact us!