Bitcoin price eyes $22K as US PMI data hits lowest since May 2020
BTC price bounces and the U.S. dollar falls from fresh twenty-year highs as PMI numbers reignite talk of recession. Bitcoin (BTC) headed for multi-day highs after the Aug. 23 Wall Street open as United States economic data tripped up the dollar. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView Dollar suffers as data shows incomes "squeezed" Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it eyed $21,700 at the time of writing, near resistance in place since last week’s near-12% drop. The pair gained momentum as the U.S. Purchasing Managers Index (PMI) prints for August showed a drop versus the month prior , hitting the lowest levels since May 2020 at the height of the first round of COVID-19 lockdowns. “The S&P Global Flash US Services Business Activity Index posted at 44.1 in August, down from 47.3 in July, to indicate a further reduction in overall services activity,” a press release from curator S&P Global stated. “The decrease ...