Breaking: US GDP Growth Slows In Q4, Bitcoin Price To Fall Further?
The U.S. gross domestic product (GDP) for the fourth quarter increased at an annual rate of 2.7%, slightly below the 2.9% estimates.
According to the U.S. Bureau of Economic Analysis (BEA), the economic growth slowed in the quarter against 3.2% in the previous quarter. Consumer spending rose 1.4%, the least since Q1 2022 and below 2.1% in the advance estimate. Spending on goods went down 0.5%, revised from an initial estimate of a 1.1% rise.
The U.S. stock market went up with all three Dow Jones, S&P 500, and Nasdaq rising higher. Traders expect further increases amid strong earnings and lower rate hikes.
The weaker-than-expected economic growth is expected to push the U.S. Federal Reserve to stick to a small rate hike in the next FOMC meeting on March 21-22. The FOMC Minutes release for the February meeting hinted at a slightly dovish sentiment, but rate hikes are expected to continue.
Bitcoin Price Remains Strong in Slow US GDP Growth
Crypto analyst Michael van de Poppe believes U.S. GDP came in lower than expected, but still positive at 2.7%. The fear of recession is avoided for now, but positive data needs to improve. He also said that the economy is slowly improving, which is a great sign for the continuation of the markets. He predicts Bitcoin at $30K.
Bitcoin price currently trades at $23,958, up 1% in the last 24 hours. The BTC price remains volatile amid the uncertainty in the crypto market.
Moreover, U.S. Dollar Index (DXY) also remains volatile as the market tries to stabilize after the U.S. Q4 GDP report. However, the DXY still remains high, restricting Bitcoin price for a further move above $25K.
Other cryptocurrencies including Ethereum, BNB, Polygon, Solana, and other remains stable.
Also Read: Ethereum Price To Hit $2,000? Popular Analyst Predicts Best Level To Buy
- Ethereum Exchange Supply Drops 52% as $3,700 Liquidation Risk Grows
- XRP News: mXRP Vault Surpasses $22M as Investors Capitalize on Staking Rewards
- Galaxy Digital CEO Calls Next Fed Chair Bitcoin’s Bull Catalyst, Sets $200K BTC Target
- Experts Claim Bitcoin Crash to $94,334 Ahead As BTC Dominance Rebounds
- Expert Explains Pi Network–Sign Meeting, Says It Could Trigger Binance Listing
- Pepe Coin Price Bounce Likely as Support Zone Aligns With Rising Social Activity
- Solana Price Set for Recovery Amid Wyckoff Accumulation and Canary Capital ETF Filing
- Avalanche Price Could Surge to $50 as Transactions Jump 200%
- CHMPZ Price Prediction:Will This Net-Zero Community Token be the Next Gem?
- Ethereum (ETH) Price Set for a rebound as Whales Accumulate $1.6B ETH and Outflows Hit $622M
- HYPE Price Prediction As Bitwise Files For Hyperliquid ETF – Is $55 In Sight?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
