Bitcoin continues to hover around the $95,000 mark on April 30 as volatility is still "waiting for the right opportunity."
BTC price chart 4 hours | Source: TradingView
Bitcoin enjoys calm before the storm
Data from TradingView shows that the trading market is quite calm as only a few hours remain until the month's close and the release of important US macroeconomic data.
This data includes Q1 GDP and the March Personal Consumption Expenditures (PCE) index – viewed as the Federal Reserve's "preferred" inflation measure.
Yesterday, financial analysis source Kobeissi Letter mentioned the market's general expectation that the US Q1 GDP could be negative.
"All signals indicate that the US GDP in the first quarter will decline – the first time since Q2 2022," the Kobeissi account wrote on platform X, along with data from the forecasting service Kalshi.
US GDP growth in Q1 2025? | Source: Kalshi
Although the risky asset market may experience sudden volatility, Bitcoin traders are increasingly confident that BTC's upward momentum will return soon.
"The next 24 hours will be a decisive moment for both BTC and the S&P 500 index. The current downward momentum will lead to a correction, or we will overcome this phase and create a strong breakout to new highs. I still lean towards the possibility of extending the upward trend," renowned trader Cold Blooded Shiller commented.
BTC and S&P 500 price chart 4 hours | Source: Cold Blooded Shiller
Trader, analyst, and entrepreneur Michaël van de Poppe also agrees:
"Bitcoin is consolidating well before the next upward move begins."
BTC price chart 1 day | Source: Michaël van de Poppe
Meanwhile, trader Jelle and some others note the possibility that BTC will attract liquidity from above, as ask orders begin to thicken just above the current price — mainly centered around the $96,000 mark.
"It's simply going sideways for a while to prepare for the next upward wave," he added in another post.
Binance's BTC/USDT order book liquidation heatmap | Source: Jelle
Bitcoin price heading towards the best April in many years
Therefore, April looks promising for BTC in the context of poor Q1 performance.
Data from monitoring source CoinGlass shows that BTC has increased by 15% since the beginning of the month – the best increase in April since 2020.
BTC monthly profits | Source: CoinGlass
"Bitcoin seems to be closing the month within the monthly range of $93,300 to $96,500," renowned trader and analyst Rekt Capital commented in a post on X on this topic.
"Closing the month like this will reinforce Bitcoin's position at high levels, even if a wick drops below $93,300 may still occur in May (similar to the wick in December 2024 or January 2025)."
BTC price chart 1 month | Source: Rekt Capital
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.