Bitcoin price erases FOMC gains as US dollar surges on Q2 GDP print
Bitcoin casts off a U.S. GDP "nothingburger" but DXY charges to two-week highs in what is traditionally a BTC price headwind. Bitcoin (BTC) ate away at the prior day’s gains on July 27 as United States macroeconomic data produced a muted reaction. BTC/USD 1-hour chart. Source: TradingView Analyst warns of BTC price dip Data from Cointelegraph Markets Pro and TradingView showed BTC price strength waning after a brief push to $29,680 into the daily close. The largest cryptocurrency had offered a modest uptick after the Federal Reserve hiked interest rates to their highest since 2001 — a move already price d in by markets. The day’s U.S. GDP advanced print for Q2 came in better than forecast at 2.4% annualized, pointing to inflationary pressures continuing to ebb in what could prove a catalyst for risk asset performance. Bitcoin did not noticeably react, however, with stocks likewise fairly flat after the Wall Street open. Michaël van de Poppe, founder and CEO of trading firm...