Bitcoin has demonstrated a 10.37% increase over the past week, raising interest in the potential impact of macroeconomic data on the market.
Market Overview
The price of Bitcoin (BTC) reached $95,700, driven by strong spot market demand. However, following a week characterized by low activity, expectations of reduced demand could lead to price fluctuations.
Macroeconomic Reports This Week
This week, several important macroeconomic reports are set to be released, including the Job Openings and Labor Turnover Survey (JOLTS) on April 29, and the jobs report scheduled for May 2. Additionally, the Core Personal Consumption Expenditures (PCE) forecast is expected on April 30. These data releases could significantly influence the overall market.
Bitcoin's Outlook Amid Market Data
Given the anticipated reports, traders may adopt a cautious approach, possibly resulting in Bitcoin price consolidation within the range of $93,000 to $95,500. Negative data concerning the ISM PMI could reinforce low market expectations, making a conservative trading strategy more likely.
Amid high volatility and expectations for economic data, Bitcoin traders' sentiment remains uncertain, indicating potential price fluctuations.
