It is likely that the price of BTC will consolidate due to the release of several important macroeconomic data in the U.S.

Bitcoin traders may take risks, as several important U.S. macroeconomic data will be released this week

Key points:

A week full of U.S. macroeconomic data could impact the sentiment of Bitcoin traders.

The Bitcoin rally could stall if there is a strong reduction in spot buying volumes.

If the PCE data, the ISM PMI, and employment data align with market expectations, BTC could rally.

The price of Bitcoin (BTC) could face a period of range trading after achieving a 10.37% rally in the last 7 days. The strong demand for spot buying from Strategy, the spot BTC ETFs, and announcements from 21Shares and Coinbase played a role in the Bitcoin rally up to $95,700. With the exception of the announcement on April 28 of a BTC purchase for $1.42 billion by Strategy, a quiet week on the cryptocurrency news front could translate into a reduction in spot demand and lower support tests for the price of Bitcoin.

This week is also filled with events on the macroeconomic data reporting side. On April 29, the Job Openings and Labor Turnover Survey (JOLTS) report will be released, and the data could provide insight into how the labor market is digesting the trade war led