Bitcoin price consolidation likely as US Core PCE, manufacturing, and jobs reports print this week
Bitcoin traders could risk off as a handful of US macroeconomic reports print throughout the week.
Key takeaways:
A week full of US macroeconomic reports could impact Bitcoin traders’ sentiment.
Bitcoin’s rally could stall if there’s a sharp reduction in spot buy volumes.
If PCE, the ISM PMI, and jobs data align with market expectations, BTC could rally.
Bitcoin
$94,655
price could face a period of range-bound trading after managing a 10.37% rally over the past 7 days. Robust spot purchasing demand from Strategy, the spot BTC ETFs, and announcements from 21Shares and Coinbase played a role in Bitcoin’s rally to $95,700. With the exception of the April 28 announcement of a $1.42 billion BTC purchase from Strategy, a quiet week on the crypto news front could translate to a reduction in spot demand and lower support tests from Bitcoin price.
This week is also event-filled on the macroeconomic data reporting side. On April 29, the Job Openings and Labor Turnover Survey (JOLTS) report will be published, and the data could provide insight into how the US-led trade war and tariffs are being digested by the labor market.
