BlockBeats News, April 18th, the U.S. released economic data showing a sharp decline in the Philadelphia Fed Manufacturing Index to -26.4, well below the expected 7.2 and the previous value of 12.5, indicating a significant contraction in manufacturing activity. The New Orders Index also dropped from 8.7 to -34.2, hitting a new low for 2020, reflecting weak demand. However, the initial jobless claims fell to 215,000, better than the expected 219,000, while the continuing jobless claims rose to 1.885 million, slightly higher than the expected 1.821 million. These data reflect the challenges facing the manufacturing sector, while the overall labor market has not shown a clear deterioration yet.
Bitunix Analyst Recommendation:
The weakness in manufacturing data reflects concerns about economic slowdown, which may put pressure on risk assets. However, the stability of the labor market may limit the expansion of this pressure. Investors are advised to monitor the performance of the short-term support level at 83,000 USD for BTC. If this support level holds, it may lay the foundation for a medium to long-term upward trend.
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