This week, investors are closely monitoring the main macroeconomic reports from the US. Among them are data on PCE (Personal Consumption Expenditures), manufacturing and employment. These reports can significantly affect the sentiment of Bitcoin traders and the dynamics of the cryptocurrency rate.
Current Market Situation
After a rapid rally, during which Bitcoin has grown by 10.37% over the past seven days, the cryptocurrency is trading in a limited range. Sustained demand for spot purchases and announcements from major players such as 21Shares and Coinbase contributed to the price growth to $95,700.
A quiet week on the crypto news front may lead to a decrease in spot demand and a decrease in interest in testing support. However, despite this, Bitcoin continues to attract the attention of investors.
Macroeconomic Data and Its Impact
The Job Openings and Labor Turnover Survey (JOLTS) is due out on April 29. The Employment Report is due out on Friday, May 2.
The PCE Baseline Forecast is due out on April 30. This data will provide insight into any significant changes in U.S. inflation. The ISM Manufacturing Index is due out on May 1.
Markets may react negatively to a deterioration in the ISM Index. Traders tend to reduce or increase risk depending on market conditions. Given the downward volatility of the market, many traders will take a more cautious approach.
Recommendations
It is important to remember that investing in cryptocurrencies is risky. Careful analysis and consideration of all factors affecting the market should be done before making any decisions.
At the time of writing, the price of Bitcoin is trading just below $95,000. Since reaching this level on April 25, BTC has established a tight range between $93,000 and $95,500.
Follow the news and macroeconomic data to stay updated on the latest trends in the Bitcoin market.
