Bitcoin Faces $97,000 Resistance Amid U.S. Economic Turbulence: Market Analysts Suggest Caution

On May 2nd, COINOTAG reported critical economic indicators reflecting the United States’ ongoing struggles with trade tariffs and escalating cost pressures. The ISM Manufacturing PMI plummeted to 48.7, marking a significant five-month low, while the Prices Paid Index surged to 69.8, the highest level since June 2022. Although the S&P Global Manufacturing PMI slightly decreased to 50.2, it remains within the expansion territory. Additionally, Initial Jobless Claims rose to 241,000, and Continuing Claims reached 1.916 million, nearing recent peaks. Analysts from Bitunix highlight that this data points to a manufacturing slowdown coupled with increasing costs and a softening job market, compelling the market to adopt a cautious stance regarding potential rate cuts. According to FedWatch, there is a 58% probability of a rate cut in June, contrasted with only a 5% chance in May. Amid these shifting expectations, Bitcoin’s resistance at $97,000 warrants close monitoring as market volatility looms.