The U.S. economic data released on April 17th showed the Philadelphia Fed Manufacturing Index plummeting to -26.4, far below the expected 7.2 and previous value of 12.5, indicating a sharp contraction in manufacturing activity. The new orders index also dropped from 8.7 to -34.2, reaching a new low since 2020, reflecting weak demand. However, initial jobless claims fell to 215,000, better than the expected 219,000, while continuing claims rose to 1.885 million, slightly higher than the expected 1.821 million. These data reflect challenges in the manufacturing sector, while the overall job market has not yet shown significant deterioration.
Bitunix analysts suggest that the weakness in manufacturing data indicates 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 pay attention to the performance of BTC 83K short-term support level, and if it can hold, it may lay the foundation for a medium to long-term upward trend.
