US Growth Data Released: Latest Update on Bitcoin and Dollar Index!

  • US 1st quarter growth data has a positive impact on the Dollar index.
  • Bitcoin price experienced a sudden drop but had a slight recovery.

The long-awaited US 1st quarter growth data has been announced. There were sudden movements in Bitcoin and the Dollar index. What is the current situation?

US Growth Data Has a Positive Impact on Bitcoin!

The US 1st quarter Gross Domestic Product (GDP) data was announced today at 3:30 pm. This important data, which has been eagerly awaited for days, has great importance for Bitcoin and the Dollar index. Before the data was announced, Bitcoin was trading just above $29,000.

With the announcement of the 1st quarter GDP growth data in the US, there were sudden movements in Bitcoin and the Dollar index. The US 1st quarter growth was 1.1%, while the expectation was 2%.

Bitcoin vs DXY: Who is the Winner?

With the data coming in below expectations, the Bitcoin price, which was trading above $29,000 before the data was announced, dropped below $29,000 to $28,663.

btc-usdt-1-dk-binance

BTC/USDT 1 Minute Chart

After this sudden drop, the Bitcoin price had a slight recovery and reached levels around $28,800. The BTC price had tested above $30,000 yesterday.

With the growth data, the Dollar index (DXY) made a sharp upward movement and rose to 101.712. DXY rose by 0.34% after the data was announced.

dolar-endeksi

DXY Minute Chart

The sharp upward movement of the Dollar index caused a drop in Bitcoin. However, when looked at more broadly, the Dollar index has experienced a decrease of approximately 3% since the beginning of the year, while Bitcoin has increased by 75%.

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