Bitcoin Trapped by Stagflation Fears as US PMI Data Sparks Concerns

Bitcoin's price has been hovering around $65K in recent days as the US PMI data sparked concerns about stagflation. The warning signs come as the US economy shows mixed signals, with inflation rising but growth slowing down.

The US PMI (Purchasing Managers' Index) is a key indicator of economic health, and its release has been closely watched by investors and economists alike. A reading above 50 indicates expansion, while below 50 suggests contraction.

According to the data, the US manufacturing sector expanded in March, but at a slower pace than expected. The service sector, on the other hand, contracted for the first time since 2020.