Bitcoin (BTC) remains stuck near the $95,000 mark

Key macroeconomic data due later this week could serve as a catalyst for bitcoin's next move, with the standout being Friday's non-farm payrolls report.

Bitcoin (BTC) price stalled ahead of a batch of U.S. macroeconomic data that could offer the next impetus for direction.

The largest cryptocurrency was last trading around $95,200, having reached a series of higher lows and lower highs that formed a symmetrical triangle consolidation pattern following a strong uptrend. This setup usually implies a continuation, with a decisive breakout above $95,500 potentially sparking the next leg higher and a drop below support signaling a potential reversal.

The technical indicator hashrate, which measures the total computing power used to secure the bitcoin network, is showing signs of slowing down after a rapid increase in recent months. It is now about 10% away from its record high. A downward difficulty adjustment of more than 5% is anticipated in four days and will provide some relief to miners, who have been facing hashprice levels at multi-year lows.

The week's macroeconomic data includes personal spending and GDP growth figures on Wednesday, though Friday's jobs report takes center stage. Economists forecast a drop in new jobs to 135,000 during April, down from March's 228,000 figure, which was the strongest in three months.

The unemployment rate is projected to have held steady at 4.2%, underscoring a persistently tight labor market. The CME FedWatch Tool currently indicates a 91% probability of the Fed funds rate being held at at 4.25%–4.50% at the May 7 FOMC meeting.

Also in the mix, earnings season is heating up, particularly among the “Magnificent Seven” tech stocks. Microsoft (MSFT) and Meta (META) report after the market close on Wednesday, followed by Apple (AAPL), Amazon (AMZN) and Strategy (MSTR) on Thursday. Stay alert!Key Levels and Technical Analysis

Relative Strength Index (RSI) on 4-hour chart: 48

Support Levels: $94,000, followed by $93,000

Resistance Levels: $95,500, then $96,000

Hashrate: 344 exhash/s (slowing from recent highs)

Next Difficulty Adjustment: In 4 days (+5.28% expected)

Average Hashprice: $0.08/hash/s (multi-year lows)

What to Watch

* Friday's non-farm payrolls report for April is a key event, with economists expecting a decline in the new jobs figure to 135,000 and the unemployment rate to remain at 4.2%.

* Personal spending and GDP growth data for the first quarter is due on Wednesday.

* Several Magnificent Seven tech companies are reporting earnings this week, starting with Microsoft and Meta on Wednesday. Apple, Amazon and Strategy will follow on Thursday.

* The CME FedWatch Tool predicts a 91% chance of the Fed funds rate being kept in the 4.25%–4.50% range at the May 7 FOMC meeting.

Token Events

* No notable token events are scheduled for this week.

Conferences

* CoinDesk's Consensus is taking place in Toronto on May 14-16. Use code DAYBOOK and save 15% on passes.

Token Talk

By Shaurya Malwa

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