US GDP Growth Slows In Q4, Bitcoin Price To Fall Further?

The U.S. gross home product (GDP) for the fourth quarter elevated at an annual price of two.7%, barely beneath the two.9% estimates.

According to the U.S. Bureau of Economic Analysis (BEA), the financial development slowed within the quarter in opposition to 3.2% within the earlier quarter. Consumer spending rose 1.4%, the least since Q1 2022 and beneath 2.1% within the advance estimate. Spending on items went down 0.5%, revised from an preliminary estimate of a 1.1% rise.

The U.S. inventory market went up with all three Dow Jones, S&P 500, and Nasdaq rising greater. Traders anticipate additional will increase amid robust earnings and decrease price hikes.

The weaker-than-expected financial development is predicted to push the U.S. Federal Reserve to stay to a small price hike within the subsequent FOMC assembly on March 21-22. The FOMC Minutes launch for the February assembly hinted at a barely dovish sentiment, however price hikes are anticipated to proceed.

Bitcoin Price Remains Strong in Slow US GDP Growth

Crypto analyst Michael van de Poppe believes U.S. GDP got here in decrease than anticipated, however nonetheless optimistic at 2.7%. The worry of recession is averted for now, however optimistic knowledge wants to enhance. He additionally mentioned that the economic system is slowly bettering, which is a superb signal for the continuation of the markets. He predicts Bitcoin at $30K.

Bitcoin value at present trades at $23,958, up 1% within the final 24 hours. The BTC price stays unstable amid the uncertainty within the crypto market.

Moreover, U.S. Dollar Index (DXY) additionally stays unstable because the market tries to stabilize after the U.S. This autumn GDP report. However, the DXY nonetheless stays excessive, proscribing Bitcoin value for an extra transfer above $25K.

Other cryptocurrencies together with Ethereum, BNB, Polygon, Solana, and different stays secure.

Also Read: Ethereum Price To Hit $2,000? Popular Analyst Predicts Best Level To Buy

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his data about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been related to the blockchain and cryptocurrency trade for a considerable interval and is at present protecting all the newest updates and developments within the crypto trade.

The offered content material could embody the private opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any duty on your private monetary loss.