ISM Manufacturing PMI at 40-month high: Analysts say BTC could benefit
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The rise and fall of the manufacturing index from mid-2020 through 2023 closely mirrored Bitcoin and the broader crypto market’s price movements over the same timeframe.
A metric tracking the health of the US economy has just posted its highest monthly score since August 2022, and crypto analysts say it could signal a turnaround for Bitcoin, which is trading at $78,000.
The Institute for Supply Management (ISM) Manufacturing Purchasing Managers’ Index (PMI), a measure of manufacturing activity in the US, recorded a score of 52.6 in January, beating the market consensus of about 48.5 and ending 26 consecutive months of economic contraction, ISM stated in a report on Monday.
The index score is a closely watched metric by investors and the Federal Reserve in assessing economic strength, inflation risks, and whether to tighten or ease monetary policy.
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