Bitcoin prices might hover in a tighter range this week as several pivotal US economic reports are released. With recent price volatility and mounting concerns over inflation and jobs data, traders may adopt a cautious strategy. The focus will be on key reports, such as the Core PCE and ISM Manufacturing PMI, as these could influence Bitcoin’s market dynamics.
This week is poised to be significant for Bitcoin traders as a collection of US macroeconomic reports is set to impact market sentiment. After Bitcoin’s impressive 10.37% surge over the past week, a temporary slowdown could occur unless buying activity remains strong. Previously, the cryptocurrency’s rally to nearly $95,700 was driven largely by substantial spot purchases, including one notable $1.42 billion buy from Strategy on April 28. However, a quiet news cycle might lead to a decline in buying pressure, raising the question of price support levels.
Looking ahead, traders should keep an eye on several important economic indicators. The Job Openings and Labor Turnover Survey (JOLTS) will be released on April 29. This report is expected to shed light on the effects of the ongoing US trade disputes and tariffs on the labour market. Following closely, the jobs report arriving on May 2 could reveal a potential slowdown in economic activity, particularly in light of recent tariff-related volatility.
The Core PCE (Personal Consumption Expenditures) forecast, scheduled for release on April 30, will offer insights into inflation trends in the US – a key area of concern for many investors. Additionally, the ISM Manufacturing PMI, due on May 1, reflects the anxiety businesses are feeling as they reassess their strategies in the face of trade uncertainties. A negative surprise in the PMI data may cause a downward reaction in the markets.
As the week progresses, it is likely traders will tread carefully, particularly given the recent declines in market confidence observed throughout April. This cautious sentiment often results in consolidating price actions during weeks rich in economic data. Currently, Bitcoin hovers just below the $95,000 mark, having traded within a narrow range of $93,000 to $95,500 since reaching that price level on April 25.
It’s crucial for investors to remember that this article does not constitute investment advice. Engaging in investments and trading carries risks, and it’s recommended that individuals perform their own research before making financial decisions.
