Bitcoin Traders Monitor Key Macro Indicator That Has Recently Changed – Crypto Analysts Divided on Its Implications for BTC

Analysts' Perspectives: Analysts generally view the data as supportive for cryptocurrency, particularly highlighting the importance of the PMI (Purchasing Managers' Index) as a necessary condition for sustained crypto gains, though opinions vary on its potential impact on prices.

PMI Expansion: A surprising increase in the ISM Manufacturing PMI to 52.6 marks its first expansion in 12 months, with mixed interpretations among crypto analysts regarding its implications for Bitcoin and the broader cryptocurrency market.

Market Reactions: Bitcoin's price rose by 2.9% in the last 24 hours, recovering from a recent crash that had pulled the market's value below $3 trillion, while retail sentiment around cryptocurrencies has shown slight improvement.

Future Outlook: Experts suggest that the PMI readings above 50 historically correlate with bullish trends in the crypto market, indicating potential for a significant upward cycle, although caution remains regarding the current market conditions.