Analyst: Bitcoin's long period of consolidation builds momentum for future movements, Friday's U.S. employment data may become a breakthrough catalyst

BlockBeats news, on May 1st, according to CoinDesk, the market has basically been in a range-bound state over the past week, and analysts believe this lays the groundwork for a possible strong upward movement. FxPro's chief market analyst Alex Kuptsikevich stated, "Long periods of consolidation usually build momentum for subsequent movements. The next important trigger may be the employment market data on Friday." "Over the past five days, the market's volatility range has been very narrow, showing a slight downward trend. However, it has still failed to break through its 200-day moving average, which is currently at $3.01 trillion. If there is a global favorable event, the market is expected to break through and may challenge the $3.5 trillion area," Kuptsikevich added, noting that the altcoin market may experience strong volatility.$BTC