Ah, Bitcoin, that capricious creature of the digital realm, sought to cling to the lofty heights of $105,000 as the sun rose over Wall Street on that fateful day of January 30. The United States, in its infinite wisdom, had delivered a rather dismal report on its fourth-quarter GDP, a “big miss” that sent ripples of uncertainty through the financial ether.
Bitcoin gains as focus switches to US PCE print
Data from the ever-watchful CryptoMoon Markets Pro and TradingView revealed that the price of BTC, like a stubborn child refusing to be scolded, had risen by a modest 2% on that very day. The latest macroeconomic data, however, fell woefully short of the lofty expectations set by the dreamers, with the GDP limping in at a mere 2.3%, while the prophets had forecasted a more robust 2.5%.
Yields down, Dollar down, $ETH vs. $BTC up strongly, Altcoins surging,” proclaimed the astute crypto trader, analyst, and entrepreneur Michaël van de Poppe on X, as if he were a modern-day oracle, calling the result a “big miss.”
“The pendulum starts to change and I think this is going to continue coming period.”
Meanwhile, the S&P 500 and Nasdaq Composite Index opened with a slight flourish, both up around 0.5%, while the US dollar index (DXY) took a sudden dip, as if it had tripped over its own shoelaces, landing at 107.5.
“As predicted, GDP is going lower again,” the ever-optimistic crypto commentator Seth declared in his own post on X, as if he were a soothsayer foretelling doom.
“This is why I have been advocating for lower rates. We need more stimulus.”
Such revelations placed the Federal Reserve under the scrutinizing gaze of the public, which had, just the day before, chosen not to cut interest rates, despite the fervent pleas of President Donald Trump. The latest estimates from the CME Group’s FedWatch Tool suggested that the odds of a cut occurring at the Fed’s next meeting in March were a mere 18%, a statistic that would make even the most optimistic gambler weep.
The day’s other macro print, in the form of initial and continuing jobless claims, also came in below forecasts, potentially granting the Fed the power to maintain its iron grip on interest rates for an extended period.
“Focus will be on consumption growth & prices paid again,” the popular trader Skew concluded, referencing the Personal Consumption Expenditures (PCE) Index numbers due on January 31, as if he were a sage preparing for the next great revelation.
BTC price eyes breakout beyond key level
As for Bitcoin itself, Skew found a glimmer of hope amidst the chaos, suggesting that after weeks of stagnant price action, there was reason for modest optimism.
“Price around $105K now, meaning the market has recovered losses from early week fallout,” he informed his followers on X, analyzing the 4-hour timeframes with the seriousness of a philosopher contemplating the meaning of existence.
“Now it’s entirely about trading with the established trend from here.”
He further posited that should BTC/USD break free from its shackles, altcoins might yet bask in the glow of its resurgence.
“Strong BTC will likely revive the market again, especially given the ripe opportunities in crushed alts with good narratives,” he mused, as if he were a bard spinning tales of fortune and folly.
Fellow trader Anbessa, meanwhile, described the latest uptick as “
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2025-01-30 18:22