Bitcoin's Resilience Meets Rising Selling Pressure as PMI Hits Highest Level Since June 2022

Bitcoin's price has been holding steady above $60,000 despite rising on-chain selling pressure. Analysts are pointing to historical patterns that suggest a stronger US ISM Manufacturing PMI could be a bullish signal for Bitcoin.

The ISM PMI came in at 55.6, its highest level since June 2022, and typically points to improving manufacturing activity and a healthier economic backdrop. A similar setup appeared in 2017 and 2021, which led to major upside phases in the crypto market.

During those cycles, the total crypto market cap broke above $500 billion and $2 trillion, respectively, while Bitcoin rallied 1,336% and 59%. This signal alone does not guarantee that Bitcoin will repeat the same move, but it's a notable development given the current bearish phase.

The timing of the stronger PMI data is also significant, arriving as markets are closely watching rate expectations. The odds of a rate hike at the next FOMC meeting currently sit at 64%, and Bitcoin's ability to hold strong despite rising on-chain selling pressure adds another layer to the setup.