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BTC hovers around $36,400

The BTCUSD pair rose by 0.96% to $37,160 on Thursday, January 27. Cryptocurrency market sentiment has not changed over the past five days. Price action continues to track US stock market dynamics, trading in the range of $32,900-38,900. Additional pressure on the leading cryptocurrency came from a rally in the dollar, reflecting expectations that the Federal Reserve is set to embark on monetary policy tightening.

After US macro data came out, the Bitcoin price jumped to $37,199, moving in sync with equity benchmarks. US Q4 GDP expanded by 6.9%, exceeding market expectations of 5.5%. This was the strongest reading in over a year, although durable goods orders declined for the first time in three months.

US futures and the DXY index rose as the GDP spike signaled that the economy is on the road to recovery in the wake of the Covid pandemic. BTCUSD retraced to $35,538.  Investors are understandably spooked by uncertainty over the number of rate hikes this year and how hawkish the central bank might act in March. Inflation is running at 7%, so the Fed could immediately raise rates by 50 bps.

At 13:30 GMT, another key data point for the Federal Reserve and markets will be released today: the PCE price index for December. Ahead of the weekend, investors could take profit in the dollar. Keep an eye on the DXY, as well as the S&P 500 and Nasdaq. Given that there is no market-driving news on the cryptocurrency industry, BTC will continue to track the benchmarks as a risk-sensitive asset.

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