The Bitcoin cash price could take a hit after the American federal reserve reported some of the worst manufacturing data in recent history, according to several cryptocurrency analysts.
On April 17, the manufacturing index of the Philadelphia Federal Reserve – a monthly survey of 250 American manufacturers – reported The clearest drop in overall commercial activity since 2020.
The data put bitcoin (BTC) “Under short -term pressure”, Bitunix researchers, an exchange of crypto, said In an article on the X platform. They added that Bitcoin could still see a “strong return” if its price is more than $ 83,000 per room.
As of April 18, Bitcoin is negotiated at around $ 84,000 per room, according to data from Google Finance.
The lowering report of the federal reserve occurs while factories are accelerating for the impact of US President Donald Trump’s plans to impose radical prices on American imports, potentially increasing production costs for manufacturers.
“”[I]Nicators for general activity, new orders and shipments have fallen and have become negative… suggest[ing] Moderate expectations for growth over the next six months ”, the report said.
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Bad omen for crypto?
Analysts said that the combination of prices increase and the slowdown in production could take a blow to the financial markets, including cryptocurrencies. The rise in prices limits the capacity of central banks to support markets in a slowdown.
“Economic activity falls from a cliff and any activity that remains, prices are increasing”, Felix Javin, a macroeconomic analyst of blockworks, said In an article on the X platform.
It’s a “[a]BSOLUTE, the worst scenario for political decision-makers here, in particular without any significant idea of how the permanent prices will be, “he added.
However, Bitcoin was more resilient with recent macroeconomic shocks Whether actions or other cryptocurrencies, said Binance in a research report in April.
Since Trump announced his pricing plans on April 2, Bitcoin has exchanged roughly flat after having initially decreased, but more than 10%, according to Google finance data. Meanwhile, the S&P 500 – an American stock index – is still down around 7%.
“Even in the wake of recent price announcements, the BTC has shown certain signs of resilience, pulling stable or bouncing on days when traditional risk assets have weakened,” said Binance.
Trump initially sought to impose two -digit levies from almost all foreign goods, but then made a price pause provided for on certain countries.
He always wants to place high taxes on many Chinese imports, cause concerns among the leaders of cryptography which fear a trade war could harm the blockchain networks.
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