"Aaaaa, be patient, maybe you'll only want to get higher after this."
Lackluster macroeconomic data from the United States (US) pushed the price of cryptocurrency king Bitcoin (BTC) to break through $69,510 this morning but unfortunately failed to maintain its position in the long term.
Reportedly, the publication of the Gross Domestic Product Index (GDP) data last night has decreased 1.3% from 1.6% while unemployment claims are at 219,000 which exceeded the expectation of 216,000.
So here it can be seen that the broader market expectations are in a reasonable state, commented leading trader Skew adding that the downside risk is clear if GDP and jobless claims come in lower than expected.
However, it should be noted that BTC will probably see a flat movement for now as investors will wait for US inflation results next month before considering whether the price will surpass the all-time high (ATH) reached in March 2024 or not.
Investors are currently focusing on the PCE and core PCE inflation numbers where the US Bureau of Economic Analysis is set to release key inflation data that will determine the direction of the crypto market in a few weeks.
Despite this, BTC whales are taking advantage of the current correction to acquire as much BTC as possible at discounted prices following their optimism about the digital asset's future.
As of this writing, BTC price has surged by 1.01% to $68,530 in the past 24 hours with a market cap of $1.3 trillion and is up 1.12% over the past week.
