Bitcoin has risen above the $88,200 mark on the back of recently released positive US economic data, fueling expectations for further growth of the cryptocurrency.
Recent U.S. Data Developments
The U.S. S&P Services PMI and Manufacturing figures have been released. The expectation for the Services PMI was 51, but the actual figure was reported at 54.3, indicating accelerated growth. However, manufacturing fell short of the expected 51.7, coming in at 49.8, raising recession concerns for the Fed.
Implications for Cryptocurrency
The current data can be considered positive for cryptocurrencies, serving as leading indicators reflecting trends in future data. Discrepancies between preliminary and final data outcomes are normal.
Outlook for Bitcoin
The outlook for Bitcoin remains optimistic. If the $91,000 and $94,000 thresholds are surpassed, altcoin investors may finally breathe a sigh of relief.
Bitcoin's return to higher levels is encouraging, suggesting a continued bullish trend, especially with supportive economic data.
