Bitcoin price may consolidate near $94,500 as US macro data looms
Bitcoin (CRYPTO:BTC) could face a period of range-bound trading following a 10.37% rally over the past week, with market participants closely watching several key US macroeconomic reports this week.
Recent gains in Bitcoin’s price, reaching around $95,700, were supported by strong spot buying from Strategy, spot BTC ETFs, and announcements from 21Shares and Coinbase.
However, the absence of major crypto news this week could lead to reduced spot demand and test Bitcoin’s support levels.
This week’s US economic calendar includes the Job Openings and Labor Turnover Survey (JOLTS) on April 29, the Core Personal Consumption Expenditures (PCE) inflation index on April 30, the ISM Manufacturing PMI on May 1, and the jobs report on May 2.
The JOLTS report may provide insight into how ongoing US trade tariffs are affecting the labor market.
The Core PCE index, the Federal Reserve’s preferred inflation gauge, will indicate any significant shifts in inflation trends.
The ISM Manufacturing PMI has recently reflected business uncertainty due to the US-led tariff war, with markets likely to react negatively if the report shows further deterioration.
The May jobs report could reveal a “real big pause in the economy,” reflecting tariff-induced volatility.
Market participants often reduce risk exposure during weeks with multiple macroeconomic releases, and given recent downside volatility in April, Bitcoin traders may adopt a cautious stance.
If the PCE, ISM PMI, and jobs data align with expectations, Bitcoin could resume its rally.
However, a sharp drop in spot buy volumes could stall Bitcoin’s upward momentum.
This week’s macroeconomic data will likely influence Bitcoin’s price action and broader market sentiment, with traders monitoring these developments closely.
“Depending on the market context, traders tend to cut or add to risk during weeks chock-full of macroeconomic data,” according to the analysis.
Bitcoin’s price trajectory this week will hinge on how these reports affect investor confidence and risk appetite.
At the time of reporting, the Bitcoin price was $94,524.79.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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