US Economic Data Influences Bitcoin Prices

Bitcoin and cryptocurrencies continue to experience volatile movements. Predicting price directions is becoming increasingly difficult. Bitcoin’s intermittent price movement has persisted since late March. With the addition of spot Ethereum ETFs alongside spot Bitcoin ETFs, every development impacts the cryptocurrency sector. Today’s significant development involved two critical data points from the US. The critical data was just released. Here are the details.

Two Critical Data Points from the US and the Latest on Bitcoin Prices

The first critical data point expected from the US today was the US Gross Domestic Product data. The expectation for the data was 2.6%. The previous data was announced at 3.1%. The announced data came in at 2.3%.

The second critical data point was the US Jobless Claims data. The expectation for this data was 239K. The previous data was announced at 243K. According to the announced data, the figure came in at 235K.

Before the data was released, Bitcoin was trading at $64,180. When the data was released, Bitcoin was trading at $64,328.