{"id":24024,"date":"2024-11-27T15:39:43","date_gmt":"2024-11-27T15:39:43","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=24024"},"modified":"2024-11-27T15:39:43","modified_gmt":"2024-11-27T15:39:43","slug":"could-us-preliminary-gdp-data-trigger-reversal-in-bitcoin-price","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=24024","title":{"rendered":"Could US Preliminary GDP Data Trigger Reversal in Bitcoin Price?"},"content":{"rendered":"

With the Bitcoin price stuck in the mid-$90,000s and the market bracing for a flood of economic updates, Wall Street<\/a> is already celebrating.<\/p>\n

The S&P 500 and Dow Jones broke new ground, ignoring the usual anxiety traps of trade disputes and faltering economies. Not to be outdone, the Nasdaq 100 rallied on tech and consumer wins, while utilities\u2014the market\u2019s dark horse\u2014silently overshot forecasts and left analysts blinking.<\/p>\n

Key Economic Events to Watch As Bitcoin Price Crabs<\/strong><\/h2>\n

The U.S. economic calendar is stacked this week<\/a>, and it\u2019s all about the numbers that could twist market sentiment. U.S. consumer data kicked off the action with Tuesday bringing updates on consumer confidence, new home sales, and the Richmond Manufacturing Index\u2014a quick pulse check on spending habits and economic momentum.<\/p>\n

By midweek, the focus shifts abroad with Australia\u2019s inflation stats and the RBNZ\u2019s policy move.<\/p>\n

(Yahoo<\/a>)<\/p>\n

Back in the U.S., a torrent of reports will drop\u2014GDP projections, durable goods data, and the coveted core PCE price index\u2014all capped with the FOMC meeting minutes.<\/p>\n

The recent FOMC indicated that the Federal Reserve could pause interest rate cuts if inflation doesn\u2019t slow down.<\/p>\n

EXPLORE:\u00a0<\/span>20 Next Cryptocurrencies to Explode in 2024<\/span><\/a><\/strong><\/p>\n

Record Highs Amid Mixed Global Signals<\/strong><\/h2>\n

Even though US stocks are pumping the rest of the world is hurting. This week, New Zealand\u2019s central bank takes the spotlight with a 50-basis-point rate cut on deck, bringing policy rates to 4.25%.<\/p>\n

Inflation might be losing steam there, but unemployment\u2019s tick up to 4.8% signals an economy softening at the edges. Across the map, Japan\u2019s inflation<\/a> story unfolds Friday with a predicted 2% pop in Tokyo\u2019s Core CPI, setting the tone for further shifts nationally.<\/p>\n

India to overtake Japan and become the world’s 4th largest economy next year. pic.twitter.com\/VzLdPThLAo<\/a><\/p>\n

\u2014 Globe Eye News (@GlobeEyeNews) November 18, 2024<\/a><\/p>\n\n

Over in the eurozone, inflation data shows a projected 2.8% for core rates, keeping traders locked onto ECB signals.<\/p>\n

\u00a0BTC ETFs Are Seeing Massive Outflows\u00a0<\/span><\/strong><\/h2>\n

(CoinGlass<\/a>)<\/p>\n

Boomers will always Boomer, and they are taking out their 1.2X on the Bitcoin ETFs.<\/p>\n

Although\u00a0Bitcoin ETFs have become the\u00a0best-performing<\/a><\/span>\u00a0ETFs<\/a> in history, Monday hit the Bitcoin ETF market like a gut punch, with $438 million bleeding out. This ended a five-day streak that funneled in $3.4 billion. Bitcoin\u2019s brief dalliance with $100,000 crumbled as its price slid to $94,515, a 3.55% loss in just 24 hours.<\/p>\n

It\u2019s over. The top is in. Bitwise\u2019s BITB felt the brunt of it, dumping $280 million, followed by Grayscale\u2019s GBTC shedding $158.2 million. Fidelity\u2019s FBTC dropped $134.7 million, and Ark\u2019s ARKB bled out another $110.9 million.\u00a0 Still, BlackRock\u2019s IBIT stood tall, raking in a cool $267.8 million, keeping some optimism afloat.<\/p>\n

99Bitcoins analysts believe these ETF investors are rebalancing, as we saw a similar outflow around Nov. 14-15 after a new ATH.<\/p>\n

EXPLORE:\u00a0Crypto Crash Sends Shockwaves Through Market: Why Is Bitcoin Down and Is the Bull Run Over?<\/a><\/strong><\/p>\n

Lastly, Could Michael Saylor Crash the Bitcoin Price?<\/h2>\n

One last event making its way around the horn is Michael Saylor is looking like this season\u2019s main character, and you know what happens to main characters in crypto.<\/p>\n

The MicroStrategy founder is drastically increasing his average in Bitcoin. Some speculate that if the BTC price collapses, this will be the next FTX<\/a>.<\/p>\n

(X<\/a>)<\/p>\n

\n

Saylor is betting the farm on Bitcoin, and history doesn\u2019t repeat, but it sometimes rhymes.<\/p>\n

Here\u2019s how the story goes: In 2000, MicroStrategy was a rising star in data analytics. The stock went parabolic, and CEO Michael Saylor became a billionaire overnight. Then\u2026 reality check. They announced revenue restatements. Investors saw the scam, and the stock crashed over 99%.<\/p>\n

It\u2019s one of the biggest busts<\/a> of the dot-com era.<\/p>\n<\/div>\n

<\/div>\n
\n(X<\/a>)\n

Fast forward 20 years. MicroStrategy\u2019s still around, but low-key. Then Saylor gets a new obsession: Bitcoin. He starts stacking BTC like his life depends on it. Corporate treasury? Converts it to Bitcoin. Takes out loans? Buys Bitcoin. Does it sell more stock? You guessed it: Bitcoin.<\/p>\n

BTC hits $69K, and he\u2019s hailed as a genius<\/a>.<\/p>\n

We\u2019ll pause for a second here because Saylor is an important figure<\/a> in the Bitcoin community. He supported it when others called it a scam.<\/p>\n

But MacroStrategy\u2019s stock price doesn\u2019t track the business; it tracks Bitcoin.\u00a0 Their balance sheet is now basically a leveraged BTC ETF. If BTC drops below its\u00a0average buy price, margin calls start knocking.<\/p>\n

Thankfully, and by a wide margin, this goofy data analytics company is running circles around the competition with its BTC investing strategy.\u00a0Institutions like MicroStrategy buy Bitcoin\u00a0over the counter<\/a><\/span>. The thing is, the OTC reserves are running out of Bitcoin, and miners are not producing enough<\/a>.<\/p>\n

If things continue this way, the squeeze past $100k Bitcoin is going to be epic.<\/p>\n

We\u2019ll continue to monitor whether global macroeconomic events will support Bitcoin or keep it in price limbo.<\/p>\n<\/div>\n

EXPLORE<\/span><\/strong>:\u00a0<\/span>20 New Crypto Coins to Invest in 2024<\/span><\/a><\/strong><\/p>\n

Join The 99Bitcoins News Discord Here For The Latest Market Updates<\/a><\/p>\n

The post Could US Preliminary GDP Data Trigger Reversal in Bitcoin Price?<\/a> appeared first on <\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

With the Bitcoin price stuck in the mid-$90,000s and the market bracing for a flood of economic updates, Wall Street is already celebrating. The S&P 500 and Dow Jones broke new ground, ignoring the usual anxiety traps of trade disputes and faltering economies. Not to be outdone, the Nasdaq 100 rallied on tech and consumer […]<\/p>\n","protected":false},"author":0,"featured_media":24025,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-24024","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/24024"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=24024"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/24024\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/24025"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=24024"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=24024"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=24024"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}