"Hmm right now BTC is just flat, I guess when the price is going to give a surprise?"
The release of the United States (US) Gross Domestic Product Index (GDP) data yesterday which fell 1.6% compared to the expected 2.5% has caused the price of the king of cryptocurrency Bitcoin (BTC) to drop to $62,186 before recovering above $65,000.
Not only that, the Core PCE Price Index which saw a big increase from 2.0% to 3.7% while the PCE inflation data reached 3.8% from 1.8% has caused investors to worry about the hawkish stance that the Federal Reserve (Fed) will take.
Investor sentiment was also affected due to concerns over rising inflation and lackluster economic performance, plus there was a delay in expected interest rate cuts by the Fed that could affect crypto.
However, now is the best time to buy BTC if viewed in terms of market value to realized value (MVRV) and Open Interest (OI) weighted funding rate metrics, comments a trader known as Mister Crypto on the X platform who has 94,100 followers.
Please note that the higher funding rate indicates an increased interest in long trading which reflects the more bullish sentiment in the crypto market which has recently gained more attention.
Additionally, major US banks such as Morgan Stanley are in the process of allowing their brokers to actively recommend BTC ETFs where it could lead to increased capital inflows on investment products that in turn positively affect crypto prices.
As of this writing, the price of BTC has jumped by 0.47% to $64,428 in the last 24 hours with a market capitalization of over $1 trillion and is up 5.56% over the last week.
