Bitcoin Whales Eye Profits as Price Hovers Near $40K Amidst US Economic Data Releases

Bitcoin (BTC) momentum sustained as the cryptocurrency traded around $38,000 on November 29, while market experts highlighted potential corrections. The leading digital currency aimed for highs not seen in 18 months, maintaining its levels as futures reflected a surge, hitting the $39,000 mark.

Bitcoin Interacts with Economic Announcements and Federal Reserve Insights

Analysts kept a close watch as Bitcoin's price edged toward benchmarks, spurred by key US macroeconomic data and anticipation of comments from the Federal Reserve's Chairman, Jerome Powell. As the market digested Q3 GDP figures and the October Personal Consumption Expenditures (PCE) Index, investors speculated on Bitcoin's next move.

Meanwhile, Keith Alan, co-founder of monitoring resource Material Indicators, cautioned traders about 'whale games,' hinting that larger investors may be poised to induce FOMO (Fear Of Missing Out) and prompt mass profit-taking at critical support levels.

Alan pointed to the potential influence of Powell's upcoming speech and US economic data, suggesting these could act as catalysts, driving BTC price upwards of $40,000. However, he warned that whales might be targeting this range for a significant sell-off.

Experts like Skew, a popular trader, analyzed the market dynamics and imply that a breakout towards $40,000 is plausible with the right trading volume.

Hedge Fund CEO Foresees Federal Reserve Rate Cut

Prior to these developments, Bill Ackman, CEO of Pershing Square Capital Management, shared his outlook with Bloomberg. Ackman voiced predictions of an early Federal Reserve rate cut in 2024, perhaps as soon as Q1, contrary to broader market expectations of mid-year adjustments.

His rationale points to the need to mitigate risks to the US economy posed by inflation declines. Ackman suggests that a timely rate cut would prevent a hard landing scenario, contradicting the slower timeline anticipated by many in the market.

Investors are advised to exercise caution and conduct thorough research before engaging in trading, as all investments carry inherent risk.

Bitcoin, Whales, Momentum