MICA Daily｜U.S. economic data disappoints, BTC drops again to $65,000

Last night, the US stock indices, gold, silver, and cryptocurrencies all declined. After the US announced unemployment figures and housing sales data, BTC has fallen nearly $2,400, dropping to the $65,000 level. The main reasons for the decline are fourfold:

• The number of initial unemployment claims was higher than expected, and continuing unemployment claims increased, indicating a weak labor market.
• US January housing sales decreased by 8.4%, the worst performance in nearly four years, showing the economy is also slowing down.
• The US government may face another shutdown, which is unfavorable for market liquidity and causes economic data to lag.
• The Asian region will have a long Lunar New Year holiday next week, leading to uncertain market trends and early risk aversion among Asian investment institutions.

Similar to yesterday's outlook, BTC needs to turn the $76,000 resistance into support before it can challenge the $80,000 level and break the downtrend. However, with BTC once again dropping to $65,000 yesterday, it is expected that the current downward trend will be difficult to reverse in the short term. Although on-chain data shows some buying interest at lower prices, futures trading remains predominantly short, and the pressure is quite substantial. Coupled with liquidity drying up, current spot buying is also insufficient to reverse this situation.