• The US GDP for Q4 2022 came out better than expected at 2.9%, suggesting investor optimism for the economy.
• The Bitcoin (BTC) price has been on a positive uptrend, breaking past all-three costs basis for the first time since 2019.
• The Bitcoin Fear and Greed Index has jumped to 55/100, entering into the Greed zone while easing the contagion risk of the market.
The United States economy recently unveiled its GDP data, showing that the economy has continued to grow, albeit at a slower pace than the third quarter. The GDP during Q4 2022 stood at 2.9 percent exceeding the market expectation of 2.6 percent, which has been seen with a sense of optimism. The positive GDP number hints at investor optimism and could support the Bitcoin rally going ahead.
The BTC price has been on a positive uptrend since the beginning of the month and has already increased by 33 percent. It has also recently surged past $23,000, however, it seems to be a resistance zone for now.
The Bitcoin Fear and Greed Index has also jumped to 55/100, entering into the Greed zone for the first time since March 2022. This has eased a bit the contagion risk from the market. The Bitcoin bulls have been showing quite a bit of activity due to the positive movement in the market.
Overall, the better-than-expected GDP numbers for the US economy in Q4 2022 could be a bullish sign for Bitcoin and the entire crypto industry. As the data points towards investor optimism, it could further support the Bitcoin rally and the whole crypto market going ahead.