- Bitcoin’s price is likely to consolidate this week as key US economic reports, including the Core PCE, jobs, and manufacturing data, are set to influence market sentiment.
- Traders may adopt a cautious approach, awaiting clearer signals before making significant moves.
Bitcoin’s recent 10.37% rally over the past week has captured the attention of traders, but as the market enters a crucial week filled with key US economic reports, the leading cryptocurrency may face a period of price consolidation.
Bitcoin’s surge to $95,700 was largely driven by strong demand from spot buyers and institutional players like Strategy and BTC ETFs, alongside announcements from Coinbase and 21Shares. However, the lack of major crypto news in the past week could lead to a reduction in spot demand, resulting in less support for Bitcoin prices. This reduction could cause Bitcoin to trade within a narrow range as traders wait for clearer signals from broader economic data.
Also read: You’ve Been Warned: XRP’s $2.2 Price Range Won’t Last, Market Expert Predicts Breakout
This week, US macroeconomic reports will play a pivotal role in shaping market sentiment. Key releases include the April 29 Job Openings and Labor Turnover Survey (JOLTS), which will offer insights into the labor market amidst ongoing trade tensions. The US Jobs Report, due on May 2, will also be crucial in gauging the health of the economy and could reveal signs of a slow-down, particularly in response to recent tariff-related volatility.
On April 30, the Core Personal Consumption Expenditures (PCE) Price Index will be released, providing valuable insight into US inflation trends. A high PCE reading could increase concerns about inflationary pressures, potentially dampening risk appetite among investors. Additionally, the ISM Manufacturing PMI report on May 1 will shed light on the strength of the manufacturing sector, which has been impacted by the trade war. A weak PMI could trigger more cautious market behavior.
Given the uncertainty and the mixed signals from the data, Bitcoin’s price is expected to experience consolidation over the week, fluctuating within a tight range between $93,000 and $95,500. The current trading conditions suggest that Bitcoin traders are exercising caution, awaiting clarity on the broader economic landscape before making bold moves.
While Bitcoin‘s recent performance has been impressive, the next few days of economic data will likely determine whether the cryptocurrency can continue its upward momentum or face a temporary stall. Investors are advised to remain vigilant and monitor these reports closely for signs of potential market shifts.