Bitcoin dropped under $ 93k after US GDP data shows economic backward, raising alarms in retrospect

Basic Points:

• The US GDP is backing down to Q1, increasing alarms in retrospect while also promoting calls for Fed rate cuts.

• Bitcoin dropped to $ 92,910 as GDP numbers were released, but long -term demand purchase could provide support.

• Crypto deiscing today is likely to be transitors; The foundations on the market remain strong.

Bitcoin (Btc) The price lasted a sudden collapse because the data showed the US Gross Domestic Product (GDP) withdrawing 0.3% in Q1, which raised alarms to analysts expecting a retreat. Following the news, the BTC price dropped to a low-day low $ 92,910, while the Dow and S&P 500 fell 1% and 1.3% respectively.

While GDP numbers are shocking to face value, CNBC has pointed out that the Fall mainly because of “a climbing of imports ahead of President Donald Trump’s tariffs.” Imports are deducted from GDP, suggesting that the pullback is more transitors than endemic.

After a preliminary price collapse of 1%, Bitcoin returned to a $ 94,000 range as a crypto and traditional market digging news news today. Beyond GDP numbers, Bitcoin still has many positive factors that are translated into an ongoing bid to the entire current price range.

Strong resistance to $ 95,000 remains, but the BTC holds a pattern of sun -day higher lows. Overhead resistance to $ 95,500 to $ 96,400 also aligned with 61.8% Fibonacci Retracement, which, in view of technical examination, tends to be a expected level of resistance.

More than $ 41.47 million spikes in Bitcoin Long Liquidations, area volumes have pushed most of BTC Bullish price action over the past two weeks, which is another positive.

Related: Bitcoin macro indicator predicted 2022 bottom flashes ‘buy signal’

Bitcoin buy demand from all angles can provide price support

In the past two weeks, the Bitcoin Market has seen:

• Spot Bitcoin ETF Inflows until April 29 a total of $ 3.02 billion, whose blackrock is a leader in the middle of the pack.

• One April 24th statement From the US Federal Reserve Board of Governors announced that banks can independently and freely advance in the offer of crypto and service-based products

• Banking Banking firm Cantor Fitzgerald cooperated with Softbank, Tether and Bitfinex to launch A $ 3 Billion Bitcoin getting companies Called 21 capital.

• Another one $ 1.42 billion Bitcoin purchase from the approach.

• Coinbase Institutional Head of Strategy John D’Angostino has already mentioned Sovereign entities Bitcoin purchases were made at the time of sale below $ 75,000.

• An increasing number of international companies copied the “microstrategy playbook” by sinking their fingers into the Bitcoin Treasury Game.

What is clear is that despite the US GDP contraction triggering a news-driven correction, the sustainable demand for buying sides and strengthening the foundations of the market structure is likely to trump a brief collapse of the BTC price BLIP today.

This article does not contain investment advice or recommendations. Every transfer of investment and trading involves risk, and readers should conduct their own research when deciding.