![Bitcoin Price Fails to Break $38.5K as US GDP Numbers Cause Concerns](https://trendinginthenews.com/images/blog/thumbnails/202311/img_29110714410.jpg)
GDP Sets the Tone for Crypto Market
The price of Bitcoin (BTC) retreated from resistance levels after the Wall Street opening on November 29th, following the release of better-than-expected United States GDP figures.
Bitcoin bulls had managed to push the market above $38,000 the day before, only to see it fluctuate around that level and eventually drop as US macro data was released.
Q3 GDP came in at 5.2%, exceeding expectations of 4.9%, causing renewed concerns about how the Federal Reserve will handle policy ahead of the mid-December interest rates decision.
Bill Ackman, CEO and founder of hedge fund Pershing Square Capital Management, predicted a Fed rate pivot as soon as Q1, 2024, further adding to the uncertainty.
![Bitcoin Price Fails to Break $38.5K as US GDP Numbers Cause Concerns](https://trendinginthenews.com/images/blog/thumbnails/202311/img_29110714411.jpg)
Data from CME Group's FedWatch Tool showed a slight increase in bets on a further hike in December following the GDP release.
Bitcoin Continues to Face Resistance
Bitcoin's price has been following a familiar pattern in recent days. Bulls were unable to break through a key resistance zone starting at $38,500, despite some traders being confident in a push towards $40,000.
Analysts suggest that the price of Bitcoin may enter a period of consolidation before experiencing another surge in volatility.
Traders are eyeing a potential downside between $33,000 and $35,000, as this range has already shown significant liquidity.
![Bitcoin Price Fails to Break $38.5K as US GDP Numbers Cause Concerns](https://trendinginthenews.com/images/blog/thumbnails/202311/img_29110714412.jpg)
It's important to note that this article does not provide investment advice or recommendations. Investors should conduct their own research and analysis before making any decisions.