Bitcoin's price may face short-term pressure following a report of sharp declines in U.S. manufacturing activity. The Philadelphia Federal Reserve Manufacturing Index, released on April 17, showed the steepest decline since 2020.
Bitunix analysts noted on X that Bitcoin could see a strong comeback if it holds above $84,000. As of April 18, Bitcoin was trading at approximately $84,000, according to Google Finance data.
The Federal Reserve's report coincides with concerns about potential tariffs on U.S. imports. Analysts suggest that rising prices and slowing production could negatively impact financial markets, including cryptocurrencies.
Felix Jauvin from Blockworks described it as the "absolute worst scenario for policy makers." However, Binance reported that Bitcoin has shown more resilience to macroeconomic shocks compared to stocks. Since April 2, when Trump announced tariff plans, Bitcoin has traded roughly flat, while the S&P 500 is down by around 7%.