The cryptocurrency world was focused on two critical data releases from the US today. The US Gross Domestic Product (GDP) data and the US unemployment claims data were just released. Before the data was announced, Bitcoin was trading at around $68,050. Let’s take a look at the data and the Bitcoin price.
Two Critical Data Points from the US
The recently released US Gross Domestic Product (GDP) data came in at 3.1%. The expectation for the data was also 3.1%. On the other hand, the second data point was the US unemployment claims data. According to this, the figure was announced as 219,000. The expectation for this data was 218,000.
Before moving on to the Bitcoin price after the data, BTC is preparing for potential volatility as it approaches the critical range of $67,000 to $69,000. After the data, Bitcoin was trading at $68,135, on the border of this important region. If Bitcoin’s price enters this range, a significant increase in liquidation volume is expected, which could create considerable volatility.
Specifically, this situation is likely to lead to downward volatility, increasing the risk of a price drop. Conversely, if Bitcoin rises above $69,000, it could reverse the bearish trend and trigger upward volatility.
