Bitcoin Price Falls as US GDP Growth Fails to Reverse Bearish Momentum

  • Bitcoin struggles below $90,000 as positive US GDP growth fails to drive prices higher.
  • Bitcoin may test lower levels if support around $88,000 doesn’t hold.
  • Japanese market influence expected to play a role in Bitcoin’s next move.

Bitcoin’s recent price action shows a consistent decline despite the positive US GDP growth numbers. Investors were hopeful that the strong economic growth in the US would provide a boost to cryptocurrencies, but Bitcoin continues to struggle in the face of broader market uncertainty. 

The price fell below the $90,000 level, and despite attempts to bounce back, Bitcoin remains stuck in a downward trend.

Bitcoin’s price has been testing key support levels around the $88,000–$89,000 range. If these levels fail to hold, there are concerns that the price could move lower, testing new lows. 

The market’s reaction has been tepid, with liquidity already absorbed at higher price points, and some analysts believe the market is awaiting signals from Japan to determine its next move.

Market Awaits Japan’s Influence as Bitcoin Struggles

Michaël van de Poppe, a prominent cryptocurrency analyst, highlighted that Bitcoin’s movements are currently at a standstill until Japan enters the market. “The markets aren’t going anywhere until Japan comes in,” he stated in a recent post. 

G RwfYvW0AEPvuc

While the US GDP growth suggests an acceleration in economic activity, Bitcoin has not responded positively. The market appears to be on hold, with traders waiting for Japanese traders to make their move, which could significantly influence Bitcoin’s price in the coming days.

The chart analysis from van de Poppe suggests that if Bitcoin cannot hold the key support levels around $89,000, it may face a continued downturn. This suggests that Bitcoin could face more downward pressure if support does not hold. 

Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.

Hot this week

Mesh Hits $1B Unicorn Status: A Bold Win for Crypto Payments

A $75 million Series C round led by Dragonfly...

Zcash’s $386 Pivot: A High-Octane Breakout or Bear Trap

Analyst CryptoTony highlights $386 as the "make-or-break" level; a...

Chiliz ($CHZ) Price Outlook: A Massive 23% Bullish Opportunity

A confirmed Market Structure Shift (MSS) and a 1-day...

Solana’s $118 Support: A Vital Level for Bullish Momentum

The "orange" bullish scenario depends entirely on $SOL maintaining...

Cardano Smart Money Accumulation Grows While Retail Dumps ADA Coins

Santiment reports that smart money wallets have added 454.7M...

Topics

Mesh Hits $1B Unicorn Status: A Bold Win for Crypto Payments

A $75 million Series C round led by Dragonfly...

Zcash’s $386 Pivot: A High-Octane Breakout or Bear Trap

Analyst CryptoTony highlights $386 as the "make-or-break" level; a...

Chiliz ($CHZ) Price Outlook: A Massive 23% Bullish Opportunity

A confirmed Market Structure Shift (MSS) and a 1-day...

Solana’s $118 Support: A Vital Level for Bullish Momentum

The "orange" bullish scenario depends entirely on $SOL maintaining...

Cardano Smart Money Accumulation Grows While Retail Dumps ADA Coins

Santiment reports that smart money wallets have added 454.7M...

Crypto Market Faces Volatility After End of QT Predicts Gambardello

Dan Gambardello warns of market volatility after the end...

Bitcoin Price Struggles as Miners and Whales Drive Selling Pressure

Miners are selling Bitcoin into rallies after de-risking their...

Altcoin Market Poised for Rally Following 1.5-Year Falling Wedge

Altcoins are breaking out of a 1.5-year-old falling wedge,...
spot_img

Related Articles

Popular Categories

spot_imgspot_img