The move mirrors a similar recovery seen in the DOW and S&P 500, which bounced 0.35% and 0.15% respectively at the closing bell. The quick recovery in Bitcoin price highlights the strong bid by a variety of market participants, and it lines up with the view that the April 30 GDP data could be a one-off event resulting from businesses ramping up their imports ahead of President Donald Trump’s tariffs on about 90 countries. While a shrinking economy and record-low consumer confidence are valid concerns for TradFi investors, the threat of a US recession also plays into crypto traders investment thesis which predicts that a variety of negative economic events will eventually force the Federal Reserve to cut rates and issue more dollars — a maneuver which historically has benefitted Bitcoin price.
Funding rate normalizing now after some shorts closing out.” Related: Bitcoin price consolidation likely as US Core PCE, manufacturing, and jobs reports print this weekCurrently, $95,500 is the key level traders are watching, and many analysts believe that a sustained push through the resistance zone opens the door for a swift move back to $100,000.
Source: CME FedWatchAccording to popular X trader Skew, the bounce in Bitcoin and US stocks was partially driven by “pretty solid revenue beats from big US companies so far,” which could also “bolster some confidence in risk.” BTC/USD chart.
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