Source: Cointelegraph
Original: “As the US Core Personal Consumption Expenditures (PCE), Manufacturing, and Employment Reports are Released This Week, Bitcoin (BTC) Price May Enter a Consolidation Phase”
Key Points:
Bitcoin's price has risen by 10.37% over the past 7 days, but it may soon enter a range-bound phase. The announcements from Strategy, Bitcoin spot ETFs, and 21Shares and Coinbase have collectively driven Bitcoin up to $95,700. In addition to Strategy's announcement on April 28 to purchase an additional $1.42 billion in BTC, crypto market news has been relatively quiet this week, which may reduce spot demand and lead to a downward test of Bitcoin's price support.
This week is also dense with macroeconomic data. On April 29, the US Job Openings and Labor Turnover Survey (JOLTS) report will be released, which is expected to reveal the impact of the US-led trade war and tariff measures on the labor market.
On May 2, the US will release its employment report. Given the recent market volatility caused by tariffs, the data may show that "the economy is experiencing a significant stagnation."
Core Personal Consumption Expenditures (PCE) data will be released on April 30, which will provide clear guidance on whether there has been a significant change in US inflation.
The US Institute for Supply Management Manufacturing Purchasing Managers' Index (ISM Manufacturing PMI) data will be released on May 1. Recent data has shown that due to the US-led tariff war, businesses are generally expressing concerns, with many pausing business planning to observe the situation. If the report shows further deterioration in the ISM PMI, the market may react negatively.
Depending on the market environment, traders typically reduce or increase risk exposure during a week filled with macroeconomic data. Given the downward volatility observed in the market during April, it is more likely that traders will adopt a more cautious strategy, further supporting the previously mentioned view that Bitcoin's price may enter a consolidation phase this week.
As of the time of writing, Bitcoin's price is slightly below $95,000, having formed a narrow range between $93,000 and $95,500 since reaching that level on April 25.
Related: Bitcoin (BTC) price may pull back to $91,000, but on-chain data shows the market fundamentals remain "healthy."
This article does not contain investment advice or recommendations. Every investment and trading decision carries risks, and readers should conduct their own research before making decisions.
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