BlockBeats News, May 6th. The United States released multiple service industry data, showing economic slowdown but continued inflationary pressure. The S&P Global Services PMI reported 50.8, below expectations and the previous value, indicating that the momentum of service industry expansion is close to stagnation. The ISM Non-Manufacturing PMI reported 51.6, also below expectations, reflecting weak domestic demand. Meanwhile, the Non-Manufacturing Price Paid Index rose to 65.1, reaching a nearly one-year high, intensifying inflationary pressure and making it more difficult for the Federal Reserve to shift towards easing.
In the face of the contradictory situation of economic weakening and resilient inflation, market sentiment is becoming more cautious. Bitcoin retraced from its high of 97.8K, lacking clear upward momentum.
Bitunix Analyst Suggestion: The current data makes it highly unlikely for the Federal Reserve to cut interest rates this week, and the market is feared to continue its volatility. The short-term support level for Bitcoin is around 93K, with a potential retracement to 88K if broken. The operating suggestion is to conservatively control positions, observe the subsequent CPI and PPI data, and wait for a clear direction to emerge.
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