PMI Signal Sparks Bitcoin Bullish Hopes Amidst Rising Selling Pressure

The latest PMI data suggests that the market is pricing in a similar setup to previous cycles, including Bitcoin's 2017 and 2021 rallies. The U.S. ISM Manufacturing PMI came in at 55.6, above expectations, marking its highest level since June 2022.

This stronger PMI typically points to improving manufacturing activity and a healthier economic backdrop, which could influence risk assets like Bitcoin. According to one analyst, every time the ISM PMI has sustained levels above 55, the crypto market has entered a major upside phase.

The same signal behind the 2017 and 2021 crypto bull runs has resurfaced, with the total crypto market cap breaking above $500 billion and $2 trillion, respectively. During those cycles, Bitcoin rallied 1,336% and 59%, respectively.