Bitcoin Price Nears $58,000; U.S. Retail Sales Surge and Job Data Surprise

U.S. economic indicators released on August 15th provided mixed signals, with stronger-than-expected retail sales and lower unemployment claims highlighting economic resilience, driving Bitcoin price lower.

However, regional manufacturing indices revealed ongoing struggles, painting a complex picture for financial markets.

This data could have significant implications for Bitcoin ($BTC), which is currently hovering near a critical support level of $57,750.

As these economic factors influence investor sentiment, Bitcoin’s next move may hinge on how the U.S. dollar reacts to this evolving landscape.

US Retail Sales and Unemployment Claims Stir Bitcoin Prices

On Thursday, August 15th, U.S. economic data released strong signals that could reverberate through the financial markets, particularly impacting Bitcoin ($BTC) prices.

Core Retail Sales m/m rose to 0.4%, above the forecast of 0.1%, while Retail Sales m/m surged by 1.0%, exceeding expectations of 0.4%.

This robust consumer spending indicates economic resilience, which traditionally boosts investor confidence in the U.S. dollar, often exerting downward pressure on Bitcoin prices.

Unemployment Claims came in at 227K, lower than the expected 236K, signaling a tightening labor market.

However, the Empire State Manufacturing Index posted a reading of -4.7, slightly better than forecasted but still negative, suggesting persistent challenges in the manufacturing sector.

Meanwhile, the Philly Fed Manufacturing Index surprised with a reading of -7.0, reflecting ongoing regional manufacturing struggles.

These mixed economic indicators create a complex landscape for Bitcoin.

Strong retail sales and lower unemployment claims could drive the U.S. dollar higher, potentially weighing on Bitcoin. Yet, ongoing manufacturing weaknesses could foster economic uncertainty, prompting investors to seek refuge in assets like Bitcoin.

As Bitcoin hovers near critical support at $57,750, these U.S. economic developments could play a pivotal role in determining its next move.

Daily Technical Outlook: Bitcoin (BTC/USD)

Looking at Bitcoin ($BTC) chart, the recent bearish engulfing candle around the $56,800 level is a strong signal of continued downward momentum.

What’s particularly concerning is that Bitcoin has broken below the key $57,750 pivot point, which had previously provided strong support.

This break, combined with the fact that the price is now trading below the 50-day Exponential Moving Average (EMA) at $59,442, suggests that the bearish trend is likely to continue.

Bitcoin Price Chart – Source: Tradingview

The Relative Strength Index (RSI) is currently at 36.87, which is nearing oversold territory but still indicates further downside potential before any significant reversal.

Immediate support lies at $55,204, and if Bitcoin fails to hold here, we could see further declines toward $52,691 or even $50,696.

In summary, the technical indicators suggest selling below $57,750. Keep an eye on the $55,204 support level as a potential bounce point, but the outlook remains bearish.

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Mega Dice Presale Nears Final Countdown: $1.71 Million Raised, Price Increase Imminent

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