BTC, ETH, DOGE Defy GDP Data, Rise But Fakeout Fears Loom

Major coins traded in the green on Thursday as investors evaluated the impacts of the recent banking sector issues and sluggish U.S. economic growth data.

What Happened: BTC experienced a slight dip following the release of the Commerce Department’s report of a tepid 1.1% gain in GDP for the first quarter. The result fell below expectations of an annualized 2% gain, along with disappointing personal consumption data. However, BTC eventually rebounded after the dip.

The US stocks ended on a high note on Thursday, propelled by a splendid performance from Meta Platforms which, in turn, lifted the tech-related names. With the Nasdaq Composite soaring high by 2.43%, the S&P 500 climbed up significantly by 1.96%.

At the time of writing, the global crypto market capitalization stood at $1.21 trillion, an increase of 1.69% over the last day. 

See More: Best Crypto Day Trading Strategies

Analyst Notes: According to crypto analyst Michael Van De Poppe, the recent correction on Bitcoin has had a ripple effect on altcoins.

The analyst said that the drop in levels is quite evident with Bitcoin trading at $29,000. Moving forward, potential longs need to hold the $28,200 mark, while breaking and flipping $29,200 will continue the upward trend toward the highs.

Crypto trader Justin Bennett has issued a warning to his 112,200 Twitter followers about BTC’s recent price movements. Bennett suggests that the recent pump may be short-lived and warns that Bitcoin may experience a significant drop in the near future based on the price action of the S&P 500 (SPX). Bennett notes that BTC’s latest peak appears to be nothing more than a “fakeout,” and suggests that investors should be wary of what may come next.

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