On March 31, COINOTAG reported that China’s manufacturing PMI for March experienced a modest increase to 50.5%, signaling a potential resurgence in economic activity. Nevertheless, the PMI metrics for small and medium-sized enterprises remain below the critical threshold, suggesting that market sentiment continues to waver. Investors are keenly focused on the upcoming announcement from the United States regarding a reciprocal tariff policy, set to be revealed on April 2, which could impose tariffs on Chinese imports and heighten global economic tensions.
In the near term, the uptick in Chinese economic indicators may serve as a constructive element for Bitcoin (BTC). However, should the anticipated U.S. tariff measures incite risk aversion among investors, BTC could face downward pressure. Analysts at Bitunix caution that the cryptocurrency may test the crucial $78,500 support level amidst ongoing external policy uncertainties. A further decline in market sentiment might see BTC retesting the significant $75,000 support. Conversely, if BTC manages to surpass the $82,500 mark, a move towards the $85,000-$86,000 range could emerge, warranting vigilant observation of market dynamics.