"Investors feel the movement of BTC now is boring, it's fun there."
Following the market attention paid to the release of China's manufacturing Purchasing Management Index (PMI) data yesterday, the price of cryptocurrency king Bitcoin (BTC) saw a climb to $24,000 but continued to shrink back to $23,360.
For the record, the PMI in February rose to 51.6 points from 49.2 points the previous month compared to expectations of 50.7, where the reading was the highest since April 2012.
BTC was found to make a slight upward movement as Chinese stocks saw an increase coupled with China's zero covid strategy at the end, then the Hang Seng Index in Hong Kong gained 4.21% and the Hang Seng Technology Index 6.64%.
According to China's Finance Minister Liu, his country intends to increase budget spending moderately in 2023 following the Chinese economy found to have recovered as a result of covid changes and support measures.
While an analyst who predicted China's GDP growth in 2023 and 2024 increased by 5% from 4% previously due to the emergence of the theory of a liquidity battle between the United States (US) and the country may give uncertain movement to the price of BTC.
Despite this, macro analyst Ted thinks that the price of BTC has the potential to see an upward movement as investors become more interested in buying the digital asset.
As of this writing, BTC managed to jump around 1.49% at $23,578 in the last 24 hours with a market capitalization of $455 billion and its price could rise further to $25,200 if the digital asset can break through $23,880.
