Bitcoin (BTC) price could be seen trading in a period of consolidation after notching a 10.37% rally over the past seven days.
After a week that saw a strong showing of purchasing demand in the form of spot BTC ETFs, and announcements from 21Shares and Coinbase, the cryptocurrency could be seen testing lower levels of support.
However, other than the April 28 announcement of a $1.42 billion BTC purchase from Strategy, the crypto news week is unfolding quietly, which could translate to a smaller amount of demand and lower support tests for Bitcoin price.
The week will also see a slew of macroeconomic data reports from the U.S., beginning with the Job Openings and Labor Turnover Survey (JOLTS) report on April 29. The data will provide an interesting angle on how the U.S.-led trade war and tariffs are being digested by the labor market.
On Friday, May 2, the jobs report will be published, and given the recent tariff-induced volatility, it's possible that the data could show a “real big pause in the economy.”
The Core PCE (Personal Consumption Expenditures) forecast will be released on April 30, and the data will give a clear view of any significant shifts in U.S. inflation.
The United States ISM Manufacturing PMI data is due on May 1. Recently, the data has reflected the fear that businesses have experienced due to the U.S.-led tariff war as they put their business planning on hold to wait and see how things play out. A further deterioration in the ISM PMI could have traders reacting negatively.
Depending on the market context, traders tend to cut or add to risk during weeks that are chock-full of macroeconomic data. Given the downside market volatility seen throughout April, it seems more likely that traders will take the more cautious approach, reinforcing the earlier stated view that Bitcoin price could consolidate throughout the week.
At the time of writing, Bitcoin price is trading slightly below $95,000, and since reaching the level on April 25, BTC has carved out a tight range between $93,000 to $95,500.
