The recent rise in Bitcoin's value is linked to the release of U.S. economic data impacting market trends.
Impact of U.S. Economic Data on Bitcoin
The latest S&P Services PMI data showed a reading of 54.3, surpassing the expected 51, indicating growth. However, the manufacturing sector index was 49.8, below the forecast of 51.7, raising concerns about a potential recession and possibly prompting a re-evaluation of monetary policy by the Federal Reserve.
Current State of the Crypto Market
With Bitcoin having surpassed the $88,200 mark, there is hope for further recovery. However, traders are advised to wait for stable price consolidation before concluding on the trend's longevity.
Growth Potential for Cryptocurrencies
If Bitcoin surpasses the critical levels of $91,000 and $94,000, it could lead to positive market shifts, sparking interest among altcoin traders and potentially enhancing investment opportunities.
The economic situation in the U.S. continues to significantly impact the crypto market. Stable price consolidation may signal a longer-term uptrend.
