Cryptocurrency Prices by Coinlib

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Bitcoin rose by 4% after positive news regarding China’s manufacturing PMI led to renewed investor risk appetite.

Bitcoin (BTC) saw a surge in trading on Wednesday due to positive news regarding China’s manufacturing data.
According to data released on Wednesday, China’s official manufacturing purchasing managers’ index rose to 52.6 in February, the highest in over a decade, following January’s 50.1.
This news has alleviated concerns about global growth, improved investor risk appetite, and led to a decline in the U.S. dollar against major currencies, thereby driving up risk assets like Bitcoin and stocks.

BTC jumped 4% from $23,000 to nearly $24,000 before slightly dropping to $23,700, according to CoinDesk data.
The positive trend in Asian markets leading the market strength has been consistent with Bitcoin’s early Wednesday bounce.
The recent narrative in the market is that China’s recent liquidity injections are offsetting the ongoing Federal Reserve tightening and keeping risk assets high, and the future of the crypto market depends on developments in the East.

Hong Kong’s recent shift towards crypto has given rise to speculation that China may eventually relax restrictions, leading to positive sentiment in the market.
From a technical analysis perspective, a convincing move above February highs of around $25,000 is needed to strengthen the immediate bullish bias.

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