Bitcoin, Ethereum Struggle To Hit Key Levels, Dogecoin Slips: Why This Analyst Thinks US GDP Fall Could Boost Apex Crypto

Bitcoin, Ethereum Struggle To Hit Key Levels, Dogecoin Slips: Why This Analyst Thinks US GDP Fall Could Boost Apex Crypto

Bitcoin traded in the green on Thursday evening but failed to cross the key $40,000 barrier in intraday trading, as the global cryptocurrency market cap rose 1.2% to $1.8 trillion.

Price Performance Of Major Coins
Coin 24-hour 7-day Price
Bitcoin BTC/USD 1.1% -2.05% $39,752.19
Ethereum ETH/USD 1.5%% -1.95% $2,935.79
Dogecoin DOGE/USD -2.9% 0.5% $0.14
Top 24-Hour Gainers (Data via CoinMarketCap)
Cryptocurrency 24-Hour % Change (+/-) Price
ApeCoin (APE) 23.7% $24.04
SKALE Network (SKL) +20.4 $0.19
PancakeSwap (CAKE) +10.6% ​​$8.34

See Also: Best Crypto Debit Cards

Why It Matters: The apex coin and other major cryptocurrencies continue to shadow equities. On Thursday, the S&P 500 and Nasdaq bounced 2.5% and 3.1% higher after strong earnings numbers were reported by a number of major companies.

Economic data released on the same day showed that U.S. GDP fell 1.4% in the first quarter, while consumer spending rose 2.7% in the same period. 

The fall in GDP is leading to hopes among analysts and others that Fed will moderate its hawkish tone — a move construed by them as positive for cryptocurrencies.

Cryptocurrency trader Justin Bennett said on Twitter that the chart structures he’s tracking indicate a bottom on May 4, when the Federal Reserve is due to hold its next meeting. 

"A more dovish Fed sparks a relief rally from stocks and [cryptocurrencies]?” Bennett said.

Glassnode co-founders Jan & Yann tweeted that Fed’s action at next week’s policy meet “may already be priced in,” and any less severe outcomes could help Bitcoin touch above $42,000.

Meanwhile, the dollar continues to show extraordinary strength. The greenback touched a 20-year high against the yen on Thursday as the Japanese unit fell below the 130 mark. The dollar index, a measure of the dollar’s strength against six other currencies, rose as high as 103.93 intraday, reported Reuters.

Michaël van de Poppe tweeted on Thursday that the dollar would soon hit a peak, while Bitcoin would “break out.”

A subtle rebound in Bitcoin prices over the last couple of days means Bitcoin’s ratio of transactions taken in profit versus loss is rising, said Santiment on Twitter. The apex coin is seeing some profit-taking, according to the behavior analysis platform. 

Read Next: Ethereum L2 Coins Like Polygon (MATIC) Having A Rough Year While L1s Walk Toe-To-Toe, Says Research

Posted In: BitcoindogecoinEthereumCryptocurrencyNewsTop StoriesMarketsMoversTrading Ideas

Visit Benzinga's Crypto Homepage - 1,000,000+ depend on Benzinga Crypto every month