Bitcoin News Today: Bitcoin Stagnates Below $118K Despite 3% Q2 U.S. GDP Surge

U.S. GDP surged 3% in the second quarter, signaling robust macroeconomic performance, yet Bitcoin failed to respond with a corresponding price rebound, remaining below the $118,000 threshold [1]. The divergence between traditional economic data and crypto market behavior has sparked scrutiny, with analysts noting that factors beyond GDP—such as regulatory shifts, macroeconomic expectations, and internal market dynamics—appear to be influencing investor sentiment [1].

Recent price data from CoinGecko shows that Bitcoin’s value in Swedish Krona (SEK) fluctuated between kr1,146,487 and kr1,119,941 over the past week. On Thursday, the asset saw a notable 1.3% drop, equivalent to kr14,573.51, highlighting the ongoing volatility [2]. While Bitcoin gained 12.40% against the SEK in the last month, it underperformed the broader crypto market, which declined by 14.40%, suggesting a possible reallocation of capital within the asset class [2].

The asset’s circulating supply currently stands at 19,899,478 coins, with a fully diluted valuation of kr22,806,804,943,355 if all 21 million coins were in circulation. Despite the price stagnation, trading volume over the last 24 hours reached kr357,363,215,955, indicating active market participation. However, the lack of a clear upward breakout suggests the market may be in a consolidation phase, with traders awaiting stronger signals before committing to long positions [2].

Bitcoin-related news continued to dominate headlines, with reports noting a drop in the net realized profit to $1.4 billion, driven by the distribution of 80,000 BTC from Galaxy Digital. Additionally, top miner Marathon Digital issued warnings about potential price pressure from increased treasury activity, emphasizing that not all entities may succeed in their accumulation strategies [1].

The recent GDP report, while positive, has not provided enough momentum for Bitcoin to break through key resistance levels. Analysts suggest that further catalysts—such as regulatory clarity, institutional adoption, or macroeconomic stability—will be necessary to spark a sustained bullish trend in the market [1].

Source:

[1] https://news.bitcoin.com/bitcoin-languishes-under-118k-even-as-gdp-jumps-3/

[2] https://www.coingecko.com/en/coins/bitcoin/sek