Image Source: Pixabay

The leading cryptocurrency asset by market cap, Bitcoin, displayed resilience on Thursday, even with the Fed executing a rate hike. Meanwhile, the digital currency trades around the $29K vicinity, failing to overcome the hurdle at $30,000.

Nevertheless, an expert believes Bitcoin could dip before recording price surges.

#Bitcoin rejects at the crucial area at $29,700.

Today and tomorrow are more important.

GDP & PCE.

If numbers are fine, we'll blast through $30K, but in order to do that, I wouldn't be surprised by taking the lows. pic.twitter.com/inMw1xEWo8

— Michaël van de Poppe (@CryptoMichNL) July 27, 2023

Bitcoin’s potential upticks

Renowned crypto analyst Michael van de Poppe tweeted that Bitcoin rejected the value zone of $29.7K, targeting levels beyond $30K. He added that the United States Gross Domestic Product report could be crucial in shaping the crypto space.

While Fed’s recent rate hike has seen benchmark borrowing costs increase to 22-year highs, Van de Poppe trusts fine GDP & PCE figures could support Bitcoin’s move past $30K. Nonetheless, price dips might surface before the crypto regains its anticipated upsides.

US GDP increases to 2.4%

The latest report indicates that the United States’ first Q2 Gross Domestic Product reading stood at 2.4%, substantially higher than the consensus prediction of 1.8%. Also, the recent figure surpassed Q1’s 2% growth.

Cryptocurrency prices presented minor movements over the past day. Bitcoin gained 0.57% within the last 24 hours to trade at $29,425. Moreover, BTC’s daily trading volume increased by 27% to explore the $13.2B mark. The altcoin market seems to follow similar actions, with Ethereum soaring 0.91% in that timeframe to $1,874.

Bitcoin price hasn’t reacted to the increase in United States GDP figures. Players would wait for the market’s response during tomorrow’s US Core Personal Consumption Expenditure (PCE) data. Experts predict a 4.2% YoY PCE price index.

While the GDP data was lucrative, interest rates remain at ATHs of 5.5%, following Thursday’s Federal Reserve hike.

Bitcoin decoupling from economic events?

Meanwhile, Bitcoin’s response to the better-than-expected GDP has some stating that the leading asset might have decoupled from events in the financial space. Is it time to focus on the halving countdown?

Jerome Powell hiked the interest rate again and the US GDP is stronger than expected, but Bitcoin barely moves and doesn't care. I swear to God, it's like Bitcoin decoupled from economic events and data; it's all about that Halving event, frontrunning.

— ɅMYWILDΞSTDRΞɅM (@amywildestdream) July 27, 2023

More By This Author:

PacWest Shares Jump On A $1.1 Billion Buyout Deal
Blackstone Mortgage Trust Revenue Beats As Stock Price Rallies
Bitcoin & Ether Diverging Amid Regulatory Storm & Post-Merge Market