The price of Bitcoin (BTC) momentarily recovered above $70,000 after the most recent US macro data was released.
This followed an unanticipated slowdown in company activity in the US industrial sector in May. In contrast to the 49.2 reading from the prior month, the ISM Manufacturing PMI dropped to 48.7.
This may be just more indication, according to expert Matt Weller, that the US economy is facing a downturn in the second quarter.
The notion that the economy is losing steam is reinforced by the May decline in the #ISM manufacturing index, which was sparked by the new orders indicator hitting a 12-month low.
Capital Economics, a research firm located in London, has also observed that the US economy is probably losing steam. “The drop in the #ISM manufacturing index in May adds to the sense that the economy is losing momentum .. driven by the new orders index falling to a 12-month low,” it stated.
The U.S. Federal Reserve may decide to accelerate rate decreases in response to the latest macrodata.
West Texas Intermediate Crude Oil (WTI) futures, meanwhile, have already fallen below $75, the lowest since February 6.
A short-lived bounce?
After briefly regaining the $70,000, Bitcoin has pared some recent gains. This might be due to renewed selling pressure.
As everything is going on, West Texas Intermediate Crude Oil (WTI) futures have fallen under $75, the lowest since February 6.
According to blockchain sleuth Lookonchain, four miners’ addresses that had been dormant for over a decade transferred $7 million out shortly after the flagship cryptocurrency surpassed the much-coveted $70,000 level.
