BTC, ETH, DOGE defy GDP data, rise but fakeout fears surface

BTC, ETH, DOGE defy GDP data, rise but fakeout fears surface


Major coins traded in the green on Thursday as investors assessed the impact of recent banking sector troubles and sluggish US economic growth data.

cryptocurrency Profits (+/-) Price (taken at 9:30pm EST)
Bitcoin BTC/USD +2.80% $29,547
ether ETH/USD +1.13% $1,913
Dogecoins DOGE/USD +0.60% $0.080

What happened: BTC saw a slight decline after the release of the of the Department of Commerce Report of a tepid 1.1% GDP growth for the first quarter. The result fell under expectations an annualized gain of 2%, along with disappointing personal consumption data. However, BTC eventually recovered after the plunge.

cryptocurrency Profits (+/-) Price (taken at 9:30pm EST)
Cronos +10.09% $0.077
immutable +9.22% $1.07
internet computer +6.25% $5.72

US stocks ended Thursday high, fueled by a brilliant performance meta platforms which in turn boosted the technology-related names. With the Nasdaq Composite high jump by 2.43%, the S&P 500 increased significantly by 1.96%.

At the time of writing, the global crypto market cap was $1.21 trillion, up 1.69% from the last day.

See more: Best Crypto Day Trading Strategies

Analyst Notes: According to cryptanalyst Michael van de Poppethe recent correction in bitcoin has impacted altcoins.

The analyst said that the drop in levels is quite evident as Bitcoin is trading at $29,000. Going forward, potential longs need to hold $28,200 while a break and reversal of $29,200 will continue the uptrend towards the highs.

crypto trader Justin Bennett has warned his 112,200 Twitter followers about BTC’s recent price action. Bennett hints that the recent pump may be short-lived and warns that Bitcoin could see a significant drop in the near term based on S&P 500 (SPX) price action. Bennett notes that BTC’s recent peak appears to be nothing more than a “fakeout,” and suggests investors should be cautious about what might come next.

continue reading: Jim…


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