Cryptocurrency analysts are bracing for a potential Bitcoin price drop after the US Federal Reserve unveiled gloomy manufacturing data. The Philadelphia Federal Reserve Manufacturing Index, a monthly survey of 250 US manufacturers, reported record declines in business activity dating back to 2020. This raises fears that Bitcoin’s value could be affected by the slowdown in production and rising prices, as per cryptocurrency analysts at Bitunix and other experts. While Bitcoin has been trading above $84,000 per coin, analysts anticipate a downturn if the price drops below $83,000. The negative data comes amidst growing concerns about US President Donald Trump’s trade policies, which are expected to impact manufacturing costs and potentially push markets lower. 57% of manufacturers surveyed reported declining new orders and shipments for products. Analysts warn that this economic slowdown could negatively impact the financial markets, including cryptocurrencies like Bitcoin. However, despite recent macroeconomic challenges, Bitcoin has shown resilience compared to traditional stocks and other crypto assets. Binance research suggests the cryptocurrency market is more resilient than conventional risk assets, with Bitcoin demonstrating stability or rebounding in response to recent trading downturns.