Bitcoin price fails $38.5K breakout as US GDP fuels Fed hard landing woes

Bitcoin (BTC) shrank back from resistance after the Nov. 29 Wall Street open as United States GDP figures beat expectations.

BTC/USD 1-hour chart. Source: TradingViewGDP sets tone for macro-sensitive crypto

Data from Cointelegraph Markets Pro and TradingView followed a familiar BTC price retracement on short timeframes.

Bitcoin bulls had managed to propel the market above $38,000 the day prior, only to flip flop around that level before ultimately dropping as U.S. macro data hit.

This showed Q3 GDP accelerating beyond anticipated levels, coming in at 5.2% versus 4.9%, respectively.

This renewed concerns over how the Federal Reserve might handle policy ahead of an interest rates decision in…

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