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Bitcoin at $61,273: US economic data had no impact

Fri 28 Jun 2024 ▪ 2 min read ▪ by Ariela R.
Getting informed ▪ Event

With the release of US economic data, Bitcoin finds itself once again in the spotlight. Investors are watching the flagship crypto’s reaction to macroeconomic indicators. But apparently, BTC is not too affected by the famous release.

Bitcoin
Bitcoin price holds steady despite the US economic data release

Mixed US data and a moderate reaction of BTC

The data published concerns :

  • the Gross Domestic Product (GDP),
  • the jobless claims.

The GDP reached 1.4% (in line with forecasts), while jobless claims stood at 233,000. A figure lower than the expectations of 236,000.

Following the release of this data, the price of Bitcoin experienced a moderate reaction. The crypto is stabilizing around $61,273, due to several factors.

  • Investors have already factored in positive expectations into Bitcoin’s price, following recent support purchases that propelled the cryptocurrency above $61,000.
  • General optimism among investors supports the bullish trend in the Bitcoin market.
BTCUSD chart by TradingView

A complex relationship between Bitcoin and the US economy

Bitcoin is often considered a hedge against inflation and economic uncertainties. In theory, this means that when economic indicators are weak, BTC should appreciate. The fact is that investors seek alternative assets.

Nevertheless, Bitcoin remains a highly speculative asset, sensitive to investor sentiment fluctuations. Positive economic data can, for example, stimulate risk appetite and prompt investors to turn to more traditional assets at the expense of Bitcoin.

Other factors that can influence the price of BTC include:

  • crypto regulation,
  • institutional adoption,
  • technological innovations in the blockchain sector.

In any case, Bitcoin’s moderate reaction to recent US economic data does not allow us to draw definitive conclusions about its future.

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Ariela R. avatar
Ariela R.

Je m'appelle Ariela et j'ai 31 ans. J'oeuvre dans le domaine de la rédaction web depuis maintenant 7 ans. Je n'ai découvert le trading et la cryptomonnaie que depuis quelques années. Mais c'est un univers qui m'intéresse beaucoup. Et les sujets traités au sein de la plateforme me permettent d'en apprendre davantage. Chanteuse à mes heures perdues, je cultive aussi une grande passion pour la musique et la lecture (et les animaux !)

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.