1/🧵An intriguing economic landscape is unfolding. The US manufacturing sector shows a rebound with surging orders driven by strong demand for transportation equipment. However, the longer-term trend still seems soft.
1/🧵An intriguing economic landscape is unfolding. The US manufacturing sector shows a rebound with surging orders driven by strong demand for transportation equipment. However, the longer-term trend still seems soft.
Let me take a read quickly :)
Lol, I’m scared
As rate rise expectations increase, consumer spending is leaning more towards services. #Economy
2/ Housing market resilience continues. Despite high mortgage rates, strong demand and inventory shortages in the resale market have driven a significant rise in newly built home sales.
But what does the Fed make of this? Their aim is to curb inflation which means addressing housing demand.
3/ In trade dynamics, a shrinkage in the US trade deficit was seen in May as imports receded. However, the deficit remains 10% higher than Q1, threatening Q2’s economic growth. This could be offset by increased inventory investment
4/ In the consumer sector, consumer confidence has surged to a 17-month high, outperforming forecasts. This, coupled with the job market's stickiness and a small decline in the Personal Consumption Expenditure index, a resilient economy.
5/ Meanwhile, #crypto markets show a nuanced picture. #BTC hovers around $30k. On-chain metrics and investor behavior suggest the genesis of a new bull run.
Miners sending BTC to exchanges for derivative trading activities mute any immediate bearish pressure on prices.
6/ Bitcoin's Spent Output Profit Ratio (#SOPR) remains above one, signaling participants are confident in their spot positions. Long-Term-Holder vs Short-Term-Holder SOPR ratio shows signs of increased profit-taking by the former group.
7/ Bitcoin's order flow data shows a tug-of-war between bullish and bearish sentiment. High positive deltas at $29.5k and $31k levels indicate robust buying interest.
This balance between market buys and sells creates a critical zone dictating Bitcoin's trajectory.
8/ On the news front, HSBC Hong Kong is the city’s first bank to offer Bitcoin and Ether ETF trading. Tether partners with the Georgian government, and Bitfinex launches a P2P trading platform in Latin America.
Yet, concerns arise over the US stance on digital asset adoption. #CryptoNews
9/ As we move forward, the economic outlook remains complex. The Bitcoin market hints at growth and the news agenda is largely positive. It's gearing up to be another interesting week of trading. #CryptoMarket #Economy