Bitcoin Adjustment Phase: Fluctuations in Macro and On-Chain Indicators?

As the adjustment phase of Bitcoin (BTC) continues, the market is engaged in a debate over whether this represents a peak or a buying opportunity. During such times, multiple analysts are broadcasting their market analyses from various angles, attracting significant attention.

Bitcoin analyst Smitty (@sminston_with) published an analysis on the 20th stating, 'Bitcoin has always been linked with the macroeconomy and does not typically move against it in the long term.'

This time, Smitty focused on two macroeconomic indicators: the copper-gold ratio (Cu/Au Ratio) and the ISM Manufacturing PMI (a U.S. economic indicator that reflects the business conditions in the manufacturing sector).