Bitcoin Investors Advised to Watch $83,000 Support as U.S. Manufacturing Shows Sharp Decline

On April 18th, COINOTAG reported a notable downturn in the Philadelphia Fed Manufacturing Index, plummeting to -26.4, a stark contrast to the anticipated 7.2 and the previous figure of 12.5. This drop signals a critical contraction within the manufacturing sector. Additionally, the New Orders Index fell dramatically from 8.7 to -34.2, marking a new low for 2020 and highlighting decreasing demand. Conversely, initial jobless claims dipped to 215,000, surpassing forecasts of 219,000, although continuing claims increased to 1.885 million, slightly above the expected 1.821 million.

The divergence in these economic indicators illustrates ongoing challenges within manufacturing while suggesting resilience in the overall labor market. Analysts from Bitunix caution that the weakened manufacturing figures may exert stress on risk assets; however, the solid labor market may temper this impact. Investors should keep an eye on Bitcoin’s short-term support level at 83,000 USD, as sustaining this threshold could pave the way for a potential upward trend over the medium to long term.