Bitcoin and ether prices responded positively to manufacturing and jobs data Wednesday as investors saw hopeful signs that the economy was contracting, typically a precursor to lower inflation. GWilliamsJr_CMT writes
Bitcoin and ether prices responded positively to manufacturing and jobs data Wednesday as investors saw hopeful signs that the economy was contracting, a precursor to lowering inflation, which has bedeviled central bankers and analysts worldwide for more than a year and wounded asset markets of various stripes.
The Institute for Supply Management’s Purchasing Managers’ Index for manufacturing fell to 48.4 in December, its second consecutive monthly decline. Readings below 50 indicate that the manufacturing sector is contracting. Many economists say that slowing job growth benefits risk assets because it signals that the economy is cooling and that inflation will likely wane.
Applying Bollinger Bands to BTC’s daily chart, shows prices settling in above the 20-day moving average and approaching the upper range of the bands. The price range between daily high and low also expanded to its highest point in nearly 14 trading sessions.
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