Analysts brace for Bitcoin slide on gloomy US manufacturing data

The Federal Reserve's monthly manufacturing survey showed the sharpest decline in activity since 2020.

Bitcoin’s spot price could take a hit after the US Federal Reserve reported some of the worst manufacturing data in recent history, according to several cryptocurrency analysts.

On April 17, the Philadelphia Federal Reserve Manufacturing Index — a monthly survey of 250 US-based manufacturers — reported the sharpest declines in overall business activity since 2020. 

The data puts Bitcoin (BTC) “under short term pressure,” researchers at Bitunix, a crypto exchange, said in a post on the X platform. They added that Bitcoin could still see a “strong comeback” if its price holds above $83,000 per coin.  

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