Key takeaways:
- A week full of US macroeconomic reports could impact Bitcoin traders’ sentiment.
- Bitcoin’s rally could stall if there’s a sharp reduction in spot buy volumes.
- If PCE, the ISM PMI, and jobs data align with market expectations, BTC could rally.
Bitcoin price could face a period of range-bound trading after managing a 10.37% rally over the past 7 days. Robust spot purchasing demand fromStrategy, the spot BTC ETFs, and announcements from 21Shares and Coinbase played a role in Bitcoin’s rally to $95,700. With the exception of the April 28 announcement of a $1.42 billion BTC purchase from Strategy, a quiet week on the crypto news front could translate to a reduction in spot demand and lower support tests from Bitcoin price.
This week is also event-filled on the macroeconomic data reporting side. On April 29, the Job Openings and Labor Turnover Survey (JOLTS) report will be published, and the data could provide insight into how the US-led trade war and tariffs are being digested by the labor market.
On Friday, May 2, the jobs report will publish, 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 US inflation.
The United States ISM Manufacturing PMI data is released on May 1. Recently, the data reflects the fear businesses have experienced due to the US-led tariff war as they put their business planning on hold to see how things play out. Markets could react negatively if the report shows further deterioration in the ISM PMI.
