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BTC Bears Target Sub-$24,000 on US Crypto Market Uncertainty
This morning, BTC followed the NASDAQ mini into the red. The SEC and the cryptocurrency news wires will control Bitcoin in the event of a quiet economic calendar.
Bitcoin (BTC) increased by 1.85% on Thursday. BTC concluded the day at $25,611 after somewhat correcting a 3.09% decline from Wednesday. It's noteworthy that BTC returned to below $25,000 for the second time since March.
BTC experienced a volatile start to the day, dropping to a low of $24,825 in the early morning. BTC climbed to a late-session high of $25,766 while avoiding the First Major Support Level (S1) around $24,618. BTC crept slightly to close the day at $25,611 but fell short of the First Major Resistance Level (R1) at $25,893.
Bullish Afternoon Session Is Delivered by US Economic Indicators
The Thursday session was really busy. Due to the focus on US retail sales, US manufacturing, and US jobless claims, there was little time for the dust to settle from the hawkish Fed pause.
Dollar appetite was pulled down by a mixed bag of US economic indicators, which increased demand for riskier assets.
In contrast to expectations for a decrease to 250k, US unemployment claims remained unchanged at 262k, while retail sales surprisingly rose by 0.3% in May. Although the retail sales data were positive, they were bolstered by the lower-than-anticipated jobless claims.
Numbers from the manufacturing sector also supported the July Fed pause. With the prices paid index dropping from 10.9 to 10.5, the crucial Philly Fed Manufacturing Index dropped from -10.4 to -13.7. Although it is unlikely to have an impact on the Fed, the NY Empire State Manufacturing Index surpassed expectations, increasing from -31.8 to 6.6.
The NASDAQ Composite Index closed the day up 1.15% as a result of the figures. The NASDAQ mini was down 14 points this morning.
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