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Bitcoin (BTC) Recovers $70,000. Here because
The price of Bitcoin (BTC) in brief reclaimed the $70,000 level after the release of the latest US macro data.
This came after economic activity in the US manufacturing sector unexpectedly slowed in May. The ISM Manufacturing PMI recorded a decline to 48.7 from 49.2 recorded in the previous month.
According to analyst Matt Weller, this could be another sign that could happen for the US economy downshift in the second quarter.
The decline in the #ISM manufacturing index in May reinforces the feeling that the economy is losing momentum, driven by the new orders index which fell to a 12-month low.
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London-based research center Capital Economics also noted that the US economy is likely losing momentum. “The decline in the #ISM manufacturing index in May adds to the sense that the economy is losing momentum… driven by the new orders index which fell to a 12-month low,” he said.
Recent macro data could push the US Federal Reserve to accelerate the pace of rate cuts.
Meanwhile, West Texas Intermediate (WTI) crude oil futures fell to $75, the lowest level since February 6.
A short-lived rebound?
After briefly recapturing $70,000, Bitcoin pared some recent gains. This could be due to renewed selling pressure.
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According to blockchain sleuth Lookonchain, four miner addresses that had been dormant for over a decade transferred $7 million shortly after the flagship cryptocurrency surpassed the coveted $70,000 level.