Technical Analysis:
BITCOIN is retracing towards 59000-59500 zone and we can look for buying opportunities around this zone. Wait for price to give a MSS on 15min TF. We might see price heading towards 66000 zone soon in BTC.
Fundamentals:
The leading U.S. economic indicators are still pointing to a slowdown, but no longer signal a recession, data from the Conference Board, a nonpartisan and non-profit research organization, showed Tuesday. That's a positive sign for risk assets, including cryptocurrencies.
The organization's Leading Economic Indicators (LEI) declined 0.6% in July to 100.4 following June's 0.2% drop. The measure peaked in the second quarter of 2022 and has been falling ever since, according to data source MacroMicro.
The LEI comprises several forward-looking indicators such as average weekly hours in manufacturing, average weekly initial claims for jobless insurance, ISM new orders index, stock prices and leading credit index. It helps identify shifts in economic trends and turning points in financial markets and is considered one of the most reliable signals of a recession – defined as consecutive quarterly contractions in the growth rate.
The continued decline in the LEI indicates impending headwinds for the economy. However, the annualized six-month change narrowed to -2.1% in July from -3.1% in June, a sign the risk of recession is lessening.
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