- 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.
US ADVANCE Q1 GDP +1.1% (CONSENSUS +2.0%) VS Q4 +2.6%
— CoinOtag EN (@coinotagen) April 27, 2023
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 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.
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%.
