Data confirms that the U.S. economy is in a technical recession and a steady inflow of gloomy economic data adds pressure to Bitcoin’s ability to hold $19,000 as support.
gloomy figures
"Everyone talks about recessions as if they should never happen," financial commentary resource The Kobeissi Letter"Any economy that is healthy in the long run will have many recessions. If you never have a recession, you just have a bubble. In this case, we just have a bubble and a recession. Fake markets don’t work."
"With the second quarterly GDP revision negative, reminder the White House has stated that this is not the definition of a recession," popular Twitter account Unusual Whales"Rather, they advocate for NBER’s, which is 'a significant decline in economic activity spread across the economy lasting more than a few months.'"
Noting that the -0.6% GDP result was better than the forecast -0.9%, on-chain analytics resource Material Indicators nonetheless had little reason to celebrate.
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