According to @MilkRoadDaily, the ISM index is currently at 48 and a sustained breakout above 50 would signal that the bulls are really running. According to the Institute for Supply Management, PMI readings above 50 indicate expansion and below 50 indicate contraction, making 50 a critical threshold traders watch. According to @MilkRoadDaily, monitoring a confirmed move above 50 can help gauge risk appetite in risk assets, including the crypto market.

According to @MilkRoadDaily, several macroeconomic indicators suggest a bullish outlook for the cryptocurrency market. Global liquidity is reportedly hovering around all-time highs, a condition that historically supports the growth of risk assets like cryptocurrencies. Furthermore, the source's macro team anticipates the Institute for Supply Management's (ISM) Purchasing Managers' Index (PMI) will surpass the 50-point threshold in August or September. A PMI reading above 50 has historically been correlated with the beginning of an 'alt season,' signaling potential significant gains for alternative cryptocurrencies beyond Bitcoin (BTC).