Posted 11/29/2023, 6:38:48 PM
Bitcoin Stuck Below $38.5K as Strong GDP Data Renews Fed Tightening Fears
- Bitcoin price failed to break above $38.5K resistance level after better-than-expected US GDP data renewed concerns about potential Fed policy tightening
- Q3 GDP growth came in at 5.2%, higher than expected 4.9%, fueling worries about whether the Fed can engineer a "soft landing"
- Hedge fund CEO Bill Ackman predicted the Fed will pivot to rate cuts in Q1 2024, while futures markets don't anticipate cuts until June 2024
- Bitcoin continues to face resistance around the $38.5K level, with traders looking for a "higher high" breakout confirmation
- Popular trading zones are eyed around $33-35K if Bitcoin loses structure, but breakout still possible if higher lows and highs continue