Bitcoin Surges to $89,493.19 as PMI Below 50 Delays Bull Run
- Bitcoin Price Movement: Despite the U.S. manufacturing PMI remaining below 50 since 2023, typically indicating economic contraction, Bitcoin surged from $16,000 to $89,493.19, illustrating that manufacturing data does not solely dictate its price movements.
- Historical Comparison: Historically, Bitcoin cycle tops have coincided with PMI peaks above 55, while the current PMI fluctuates between 47 and 49, suggesting that the onset of a bull market may be delayed, requiring investors to remain patient.
- Market Signal Analysis: The next key macro signal will be the PMI data on February 2, which could influence the formation of Bitcoin's market “top,” prompting investors to monitor this data for market direction.
- Economic Structure Impact: U.S. manufacturing contributes less than 15% to GDP, while services dominate at around 80%, and the weakness in manufacturing has failed to drive economic acceleration, indicating that Bitcoin's bull market may evolve into an extended “supercycle.”
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Technical Analysis for SATS
Technical Sentiment Analysis for SATS (Ordinals) (SATS) As of , SATS (Ordinals) (SATS) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for SATS stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, SATS is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
SATS (Ordinals) (SATS) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.00000000144 | 0.00000000472 | 0.00000000865 | 0.0000000119 | 0.0000000159 | 0.0000000191 | 0.0000000231 |
| Fibonacci | 0.00000000472 | 0.00000000747 | 0.00000000917 | 0.0000000119 | 0.0000000147 | 0.0000000164 | 0.0000000191 |
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