Bitcoin rebounded from resistance after Wall Street opened on November 29 as US GDP data beat expectations.

GDP is setting the tone for cryptocurrencies
Bitcoin bulls managed to push the asset's value above $38,000 the previous day. Later, with the release of US macro data, there was a decline from this level
Q3 GDP beat expectations.
This has reignited concerns that the Fed may return to policy ahead of its December interest rate decision.
"5.2% would be the highest GDP growth since the fourth quarter of 2022," said The Kobeissi Letter, a financial commentary agency.
Kobeissi quoted Bill Ackman, CEO and founder of hedge fund Pershing Square Capital Management, who predicted changes for the Fed in the first quarter of 2024.
"Yesterday, Bill Ackman claimed that there would be a hard landing for the rate cuts that began in the first quarter. "Currently, futures will not cut rates until June 2024," he added.
Data from CME Group's FedWatch tool showed a slight increase in the magnitude of further rate hikes in December following GDP releases. At the time of writing, the probability of growth is 4.2%, compared to 0.5% previously.

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