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Stocks managed to claw their way higher following a streak of losses after the latest Gross Domestic Product data showed that the U.S. economy grew 2.7%, which was slightly lower than the initial estimate of 2.9%. At the closing bell, the S&P, Dow and Nasdaq all finished in the green, up 0.53%, 0.33%, and 0.72%, respectively.
“This week’s sideways price action, or pause, is normal and not bearish,” Wyckoff said, adding that “Bulls still have the overall near-term technical advantage as a price uptrend is in place on the daily chart.” It's likely $BTC will continue to consolidate in between these two Bull Market EMAs for the time being— Rekt Capital February 23, 2023 For now, it looks as though BTC will continue to trade sideways as the crypto market consolidates. As far as today’s GDP print is concerned, Eight Global founder Michaël van de Poppe sees it as a positive sign that signals that a recession has been avoided for the time being and the next stop for Bitcoin is $30,000.The recession is avoided, for now.