Bitcoin Nears $30K, Ethereum, Dogecoin Rise Defying Weak GDP Growth: Unimpressed Analyst Says, 'What A Fakeout.'

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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