$COAI The results today are negative for cryptocurrencies.

The reason:

The ISM manufacturing came in at 48.2, below the expected 49 ⇒ this indicates a decline in manufacturing activity ⇒ pressure on the market as it signals that the US economy is weakening, but not enough to force the Fed to cut interest rates immediately.

ISM manufacturing prices came in at 58.5, lower than the expected 59.5 ⇒ indicating a slight decrease in price pressures, but it is still above 50 ( expansion zone ), and thus does not provide a strong signal for easing interest rates.

Summary:

Today's data does not encourage the Fed to cut rates quickly.

This means pressure on Bitcoin and the rest of the cryptocurrencies.

The overall trend of this data ⇒ Short-term negative bias on crypto