Bitcoin And Crypto Are Rising Today, Here’s Why

The Bitcoin price remains the all-determining trend setter for the crypto market. After the Bitcoin price fell to as low as $29,173 yesterday, dragging all altcoins down with it, the crypto market is back in the green across the board today.

At press time, the Bitcoin price has once again climbed above the key resistance level of $29,800. This means that BTC has gained 2.7% since yesterday’s low and was trading back above $29,900. Altcoins such as Arbitrum (ARB), Chainlink (LINK) and Avalanche (AVAX) are recording sharp price gains, dwarfing the Bitcoin uptrend.

Bitcoin price, 1-hour chart l Source: BTCUSD on Tradingview.com

Here’s Why Bitcoin And Crypto Are Up Today

As NewsBTC reported, yesterday’s correction in the Bitcoin price can be seen as a technical consolidation. In particular, the medium-term macroeconomic outlook continues to argue that both Bitcoin and the entire crypto market will see a continuation of their rally.

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An impetus for today’s rally may have been provided by the macro data from China, among other things. As announced in the morning hours today, China’s economy grew by 4.5% in the first quarter of 2023, the fastest pace in a year.

Moreover, the increase was steeper than expected, as the end of “Zero COVID” led to a surge in consumer spending and factory output. All data were positive across the board. Gross Domestic Product (GDP) (YoY) came in at 4.5% in Q1 2023, up from 4.0% estimate.

Retail sales rose to 10.6% in March (YoY), versus 7.4% estimate. The unemployment rate was 5.3% versus 5.5% (estimate).

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Overall, strong Macro data from #china