Bitcoin & Manufacturing PMI | Market Trend and Cycles

The Bitcoin "mining" industry which sustains the infrastructure for the Bitcoin network can be compared to manufacturing. If we compare the price of Bitcoin to the Manufacturing PMI (which measures the sentiment among managers in the US) we can see a significant degree of correlation. While the potential causal mechanisms still require rigorous study, we can add this data to gauging trend reversals and cycles in Bitcoin along side other data sets like $BTC Dominance, $NVT , and other on-chain information.