Bitcoin has defied traditional economic indicators, surging to $89,493.19 despite the U.S. ISM Manufacturing PMI remaining below 50, a level typically associated with economic contraction. Historically, Bitcoin cycle tops have aligned with PMI readings above 55, suggesting the current cycle may have more room to grow. The next significant macroeconomic indicator, the February 2 PMI print, could influence Bitcoin's trajectory. Analysts highlight that Bitcoin's price movements are more closely tied to factors like liquidity, institutional adoption, and fiscal policies rather than manufacturing data. The ISM Manufacturing PMI has hovered between 47 and 49 since late 2022, indicating stability without expansion. This suggests that the anticipated "blow off" top in Bitcoin's bull market may be delayed, potentially evolving into a "supercycle."
Bitcoin Surges Despite Weak PMI, Suggesting Extended Bull Cycle
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