Bitcoin Defies Bearish US GDP and Smashes Towards $95K – A Tale of Resilience and Hope!

Key Takeaways:

Bitcoin bulls have returned with a vengeance, battling their way back to the $95,000 mark after a brief but dramatic sell-off induced by the latest US GDP calamity. 💸
Traders, ever so nonchalant to any grim US economic news, seem to be anticipating a future of Federal Reserve rate cuts and monetary easing (don’t we all love a good easing?).

Bitcoin, after a brief dip to $92,910 — triggered by the US GDP data suggesting that the economy had contracted in Q1 2025 — is now knocking loudly at the door of $95,000. It seems the market, like a bad movie sequel, has been here before. The move mirrors the recovery seen in the DOW and S&P 500, with both indexes making a modest but heroic return of 0.35% and 0.15% respectively. A grand triumph indeed.

This quick rebound in Bitcoin’s price, quite spectacularly, reflects the robust demand from various market participants, reinforcing the notion that the April 30 GDP report could simply be a hiccup—a consequence of businesses frantically stacking up imports before President Trump’s tariffs slap 90 countries. How delightful.

While TradFi investors are having nightmares over the shrinking economy and consumer confidence levels that could make even the bravest investor weep, crypto traders are taking it in stride. For them, a US recession is an opportunity to watch the Federal Reserve eventually bow to the pressures of negative economic data, prompting rate cuts and, of course, a cascade of new dollars. History suggests this could send Bitcoin prices skyrocketing. The only thing better than a rate cut? More dollars.

The odds of a Fed rate cut have already nudged up this week — from a measly 59.8% on April 29 to a more optimistic 63.8% on April 30. Ah, progress!

Popular trader Skew on the infamous X platform notes that the bounce in Bitcoin and US stocks was fueled by a rather cheerful batch of revenue beats from major US companies. How utterly heartwarming. “This could restore some confidence in risk,” they suggest. (Could it, though?)

Skew also mentioned that Bitcoin’s price surge was driven largely by “passive buyers” and that the funding rate is now normalizing after the short sellers decided to pack up and go home. Oh, the sweet sound of shorts closing.

The pivotal $95,500 mark is now the key level to watch for traders who, no doubt, are praying for a sustained push through this resistance, which could pave the way for a swift rise back to the magical $100,000 threshold. We all know how these things go—fingers crossed, folks.

And who could forget the upcoming May 2 jobs report? It’s expected to show how many jobs were added to the US economy in April. Could this impact the stock market and, by extension, cryptocurrencies? Oh, the suspense is unbearable! 😏

2025-05-01 01:02

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Bitcoin Defies Bearish US GDP and Smashes Towards $95K – A Tale of Resilience and Hope!

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