A widely followed crypto trader believes that today and tomorrow’s price action for Bitcoin (BTC) are of major importance.
Crypto analyst Michaël van de Poppe tells his 661,300 Twitter followers that BTC’s price action will be determined by the US’s personal consumption expenditure (PCE) and gross domestic product (GDP) numbers, both released today.
“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 $30,000, but in order to do that, I wouldn’t be surprised by taking the lows.”
According to Van de Poppe, the GDP numbers came back more positive than expected. The trader expects BTC to rally if the PCE numbers are also positive.
“GDP comes out way more positive than expected.
That’s great. Soft landing case starts to pick up pace. If GDP was worse than expected, you’d see markets drop.
Bitcoin steady, stocks steady.
Now PCE better than expected and we go up.”
Still, Van de Poppe says that BTC is likely to take a step lower before taking another step up.
“Open Interest to new highs, price grinding upwards, seems likely to sweep down before up for Bitcoin.
If not? Break $29,700 in one go and we’ll have a party.”
BTC is worth $29,287 at time of writing.
“Let’s get going on LINK.
Got filled on that retest. Now ready for $10.”
LINK is trading for $8 at time of writing.
“Well, DOGE probably continues its expansion towards $0.10 here.
Still buy the dip areas.”
At time of writing, DOGE is worth $0.787.
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