Bitcoin rebounds from bearish US GDP data as dip buyers push BTC price back toward $95K
Bitcoin (BTC) price approaches $95,000 after a slight sell-off to $92,910, coinciding with concerning US GDP data indicating a contraction in Q1 2025. The DOW and S&P 500 also experienced recoveries, rising 0.35% and 0.15%, respectively. The rebound in Bitcoin reflects strong market demand and aligns with expectations that the GDP data may be an isolated incident due to increased imports ahead of tariffs. Concerns over a shrinking economy and low consumer confidence are influencing both traditional finance and crypto investors, who anticipate that negative economic trends could prompt the Federal Reserve to cut interest rates, historically benefiting Bitcoin. Odds for a Fed rate cut increased from 59.8% to 63.8%. The bounce in Bitcoin and US stocks is attributed to solid revenue reports from major companies, enhancing risk confidence. Key resistance level for Bitcoin is $95,500, with analysts suggesting a breakthrough could lead to a rise towards $100,000. The upcoming May 2 jobs report may impact both the stock market and cryptocurrencies.
