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- US 1st quarter growth data has a positive impact on the Dollar index.
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
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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%.