Bitcoin’s price is expected to consolidate after a 10.37% rally, influenced by strong spot demand. Key US macroeconomic reports this week, including the JOLTS, jobs report, and Core PCE, could affect traders’ sentiments. As April’s volatility tempers, many traders are likely to adopt a cautious approach, potentially holding Bitcoin’s price in a narrow range.
Bitcoin’s price appears poised for some consolidation in the upcoming week, following a notable 10.37% rally in just seven days. This surge was significantly influenced by strong demand from spot purchases via Strategy’s recent investments and spot BTC ETFs, which helped Bitcoin push up to $95,700. With the buzz from 21Shares and Coinbase announcements, it seems potential spot demand might lessen now, particularly in a week lacking disruptive news that could sustain current interest.
A slew of critical US macroeconomic reports is set to be released this week which could sway Bitcoin traders’ sentiments. Key reports include the Job Openings and Labor Turnover Survey (JOLTS), scheduled for April 29, providing insights on the labour market during ongoing tariff negotiations. The jobs report releasing on May 2 could reveal significant economic pauses, possibly as a reaction to growing tariff-induced trade tensions.
Looking at inflation, the Core Personal Consumption Expenditures (PCE) forecast is due to be announced on April 30. This data will be crucial in understanding inflation trends in the US market, which could also reflect on Bitcoin’s performance. Additionally, on May 1, the ISM Manufacturing PMI data is expected. Recent reports have indicated businesses are becoming hesitant amid tariff uncertainties, leading to concerns that a poor ISM PMI result could adversely impact market sentiment.
Traders often modify their strategies in response to macroeconomics-filled weeks, and given the volatility that has plagued the market in April, cautiousness seems to be the theme. It appears many may lean towards disinvestment in risk, reinforcing the forecasted scenario of Bitcoin consolidating its price range through the week. Currently, Bitcoin is trading just below $95,000, having settled in a narrow band between $93,000 and $95,500 since hitting $95K on April 25.
Importantly, this analysis is not investment advice. Investment decisions carry risks, and readers are encouraged to perform their own detailed research before taking any action.
