US GDP Grows To 2.4% in Q2; Will Bitcoin Price Regain $30k?

Bitcoin News: The biggest digital asset, Bitcoin (BTC), recorded gains on Thursday, despite the Federal Reserve’s approval of an interest rate hike. However, the BTC price is still hovering around the $29k level unable to regain the crucial $30K price level. A Crypto analyst suggests that Bitcoin price might have to decline first to surge ahead.

Bitcoin Price Stands In Crucial Trading Zone

Michaël van de Poppe, Founder of MN Trading mentioned that Bitcoin price went on to reject the crucial area around the $29,700 level in the pursuit of breaching the $30k price level. After the important FOMC Announcement, the market is bracing itself to witness the US real Gross Domestic Product (GDP). However, the Federal Reserve’s recent interest rate hike has pushed benchmark borrowing costs to their highest level in over 22 years.

The trader expects that if these GDP and PCE numbers turn out to be fine and in line with expectations then the Bitcoin price will blast through $30K. However, in order to regain the anticipated price level BTC might need to take a hit and trade at some lower levels.

US GDP Accelerates To 2.4%

According to the US Bureau of Economic Analysis (BEA) first estimate, the real Gross Domestic Product (GDP) of the US grew at an annualized rate of 2.4% in the second quarter. This figure surpassed market expectations of 1.8% by a significant margin and was higher than the 2% growth recorded in the first quarter.

Bitcoin price is marginally up by 1% in the last 24 hours. BTC is trading at an average price of $29,479, at the press time. Its 24 hour trading volume jumps by 27% to stand at $13.2 billion.

As expected BTC price hasn’t reflected the acceleration shown in the US GDP numbers. However, other major cryptos also remained calm while GDP turned out to be more than expectation.