The price of Bitcoin may face a trading range phase after rising 10.37% in the past 7 days. Strong spot buying demand from Strategy, spot BTC ETFs, announcements from 21Shares and Coinbase played a crucial role in Bitcoin's price increase to $95,700.
Aside from the news on April 28 about purchasing $1.42 billion worth of BTC from Strategy, a quiet week in the crypto market has led to decreased spot demand, causing BTC to test lower support levels.
This week, the market will witness several reports of macroeconomic data. On April 29, the Job Openings and Labor Turnover Survey (JOLTS) report will be released, and the data may provide insights into how the labor market is responding to the trade war and tariffs led by the United States.
On Friday, May 2, the employment report will be released. Given the recent volatility caused by tariffs, the data is likely to show a 'significant pause in the economy.'
The core PCE (Personal Consumption Expenditures) forecast will be released on April 30, and the data will provide a clear view of any major changes in inflation in the United States.
The PMI (Purchasing Managers' Index) manufacturing data from the Institute for Supply Management (ISM) in the United States will also be released on May 1.
Recently, the data reflects the fears that businesses have experienced due to the trade war led by the United States as they pause business plans to see how things unfold. The market may react negatively if the report shows continuing deterioration in the ISM PMI.
Depending on the market context, traders tend to cut back or increase risk during weeks with significant information about macroeconomic data.
With market volatility decreasing throughout April, it seems traders will take a more cautious approach, reinforcing the earlier view that Bitcoin prices may consolidate throughout the week.
At this time, the price of Bitcoin is trading slightly below $95,000, and since reaching this level on April 25, BTC has created a narrow range between $93,000 and $95,500.
You can view the BTC price here.
Disclaimer: This article is for informational purposes only and is not investment advice. Investors should do their own research before making decisions. We are not responsible for your investment decisions.
