As of the time of writing, Bitcoin
$88,157
has surpassed the $88,200 mark, returning to a region where a decline intensified on March 7. It may still be premature to celebrate, as investors require a period of consolidation at higher levels to feel convinced about the uptrend. Nonetheless, the rebound from the lows is promising, especially with recently released key U.S. PMI data.
Recent U.S. Data Developments
The U.S. S&P Services PMI (Flash – Preliminary Data) and Manufacturing figures have been released. The expectation for the Services PMI was 51, but the actual figure reported was 54.3. In contrast, the manufacturing expectation was 51.7, while the actual figure came in at 49.8. The services sector data significantly exceeded expectations, indicating accelerated growth, as values above 50 in PMI indices signify growth. However, the manufacturing sector fell well short of expectations, which raises recession concerns for the Fed and may hasten its cautious easing measures.
Implications for Cryptocurrency
Given the current scenario, upcoming data can be deemed positive for cryptocurrencies. As leading indicators, these figures are crucial in reflecting the trends in future data. However, it is normal to see significant discrepancies with preliminary figures once final data is released.
The outlook for Bitcoin remains optimistic. If the thresholds of $91,000 and $94,000 are surpassed, altcoin investors may finally breathe a sigh of relief.
