The U.S. gross domestic product (GDP) for the fourth quarter increased at an annual rate of 2.7%, slightly below the 2.9% estimates.
According to the U.S. Bureau of Economic Analysis (BEA), the economic growth slowed in the quarter against 3.2% in the previous quarter. Consumer spending rose 1.4%, the least since Q1 2022 and below 2.1% in the advance estimate. Spending on goods went down 0.5%, revised from an initial estimate of a 1.1% rise.
The U.S. stock market went up with all three Dow Jones, S&P 500, and Nasdaq rising higher. Traders expect further increases amid strong earnings and lower rate hikes.
The weaker-than-expected economic growth is expected to push the U.S. Federal Reserve to stick to a small rate hike in the next FOMC meeting on March 21-22. The FOMC Minutes release for the February meeting hinted at a slightly dovish sentiment, but rate hikes are expected to continue.
Bitcoin Price Remains Strong in Slow US GDP Growth
Crypto analyst Michael van de Poppe believes U.S. GDP came in lower than expected, but still positive at 2.7%. The fear of recession is avoided for now, but positive data needs to improve. He also said that the economy is slowly improving, which is a great sign for the continuation of the markets. He predicts Bitcoin at $30K.
Bitcoin price currently trades at $23,958, up 1% in the last 24 hours. The BTC price remains volatile amid the uncertainty in the crypto market.
Moreover, U.S. Dollar Index (DXY) also remains volatile as the market tries to stabilize after the U.S. Q4 GDP report. However, the DXY still remains high, restricting Bitcoin price for a further move above $25K.
Other cryptocurrencies including Ethereum, BNB, Polygon, Solana, and other remains stable.
Also Read: Ethereum Price To Hit $2,000? Popular Analyst Predicts Best Level To Buy
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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