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At this very moment, the price of Bitcoin (BTC) is experiencing a strikingly high level of volatility, characterized by sudden declines and increases. The coin's price is currently at $62,743.35, representing a rise of 2.04% over the previous twenty-four hours. Bitcoin had been trading at a low of 3% before this rebound; nevertheless, this bearish set-up was not maintained for an extended period of time.
U.S. Manufacturing PMI Misses Expectations, Sparking Concern Among Cryptocurrency Investors
ISM Manufacturing PMI in the United States was recently posted, and it appears that this is one of the most important updates that has upset cryptocurrency investors. Compared to the anticipated reading of 49.1, the ISM Manufacturing score comes in at 48.5, as indicated by the data that was put out. In the month of May, the record was recorded at 48.7, as per Coingape.
These numbers are extremely important for determining the path inflation takes in the country. The Purchasing Managers Index (PMI) for Manufacturing is an economic indicator that monitors the manufacturing sector's performance from the purchasing managers' perspective. The primary method by which the data determines the amount of demand for products is by examining the activity of placing orders.
The result of a PMI that is greater than fifty indicates that the economy is growing, but the converse is true when the price is lower. There is a hanging strain, which could potentially transfer into an inflationary boost for the economy, as indicated by the recorded 48.5 points. When determining how the Federal Reserve will alter its interest rates, the outcome of these economic indexes becomes an extremely important factor.
The Federal Reserve has decided to maintain the current interest rate for now. The signals, on the other hand, indicate that there will be no more than one cut before the end of this year. Bitcoin investors displayed a knee-jerk reaction to the data that was released, which resulted in the cryptocurrency's flash crash.
The market has finally reached a state of stability; however, the question remains is how Bitcoin will leverage this newly discovered catalyst.
Bitcoin Poised for Rebound: Spot ETFs and Halving Event Drive Optimistic Outlook
Bitcoin is currently in a favorable position regarding its efforts to rebound from its recent decline. Following the significant selloff observed in June, the coin is expected to follow its normal growth path, which is upward, in the coming weeks.
It is still the spot ETF product that has contributed most significantly to Bitcoin's rise this year. Despite its decreasing metrics, the product continues to have the support of some of the most prominent companies on Wall Street. This indicates that demand is not likely to decrease any time soon, a significant victory for the coin.
Additionally, Bitcoin is reaping the benefits of the halving, which has usually lowered its quantity. Assuming that the macroeconomic trends continue to be favorable toward Bitcoin, a price bounce is likely to occur shortly.
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