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The US Gross Domestic Product (GDP) and unemployment claims data to be released today may have important consequences, especially for the cryptocurrency market.
First of all, growth data in the US economy (GDP) may have a direct impact on investor confidence. A GDP data in line with expectations or stronger may indicate that the economic recovery is strong, which may increase demand for risky assets (such as stocks and cryptocurrencies) in general. However, if GDP growth falls short of expectations, investors may turn to safe havens (such as the US dollar and gold) due to concerns about an economic recession. This may create selling pressure on cryptocurrencies such as Bitcoin.
In addition, unemployment claims data are critical for market expectations. Applications that are lower than expected indicate that the labor market is strong and support a positive outlook in the economy. This may cause an increase in risk appetite in the cryptocurrency market. However, the increase in unemployment claims may create volatility in Bitcoin and other cryptocurrencies, especially with the expectation that the Fed may continue to tighten monetary policy. High unemployment rates or rising applications can reduce the appeal of risky assets and lead to a decline in cryptocurrencies.
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Such economic data, especially in the US, affects investors’ expectations regarding the Fed’s interest rate policies. Signs of economic weakness can strengthen the expectation that the Fed will keep interest rates low for a long time, which could be a positive development for assets like Bitcoin.
Bitcoin Before US Data
Bitcoin, like other assets, reacted and rose from the $55,000 area it was in at the beginning of September after the Fed lowered interest rates by 50 basis points.
The rise in Bitcoin led to good increases in many crypto assets, including altcoins. However, in today’s statements, the support level to be followed specifically for Bitcoin will be the $63,500 band, while the resistance will be the $65,000 area.
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