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Bitcoin Price Prediction: Consolidation Ahead of Key Economic Data

Bitcoin price consolidation likely as US Core PCE, manufacturing, and jobs reports print this week

Key takeaways:

  • Major US economic reports this week will sway Bitcoin trader sentiment.
  • Bitcoin’s recent rally might pause if spot buying slows.
  • Positive PCE, ISM PMI, and jobs data could boost BTC.

Bitcoin (BTC) recently surged 10.37% in seven days, reaching $95,700, driven by significant spot purchases from Strategy, BTC ETF inflows, and positive news from 21Shares and Coinbase. However, a quieter news week could reduce spot demand and pressure Bitcoin’s price.

This week brings crucial macroeconomic data. The Job Openings and Labor Turnover Survey (JOLTS) report on April 29th offers insights into the labor market’s response to recent trade tensions.

Job Openings, hires, and separation rates, seasonally adjusted (JOLTS). Source: BLS.gov
Job openings, hires, and separation rates, seasonally adjusted (JOLTS). Source: BLS.gov

The May 2nd jobs report, given recent market volatility, may reveal a significant economic slowdown. The Core PCE (Personal Consumption Expenditures) forecast on April 30th will clarify inflation trends. The ISM Manufacturing PMI data, released May 1st, will indicate business confidence amidst trade uncertainty.

US Core PCE Price Index (MoM). Source: Investing.com
US Core PCE Price Index (MoM). Source: Investing.com
US ISM Manufacturing PMI. Source: MacroMicro.me
US ISM Manufacturing PMI. Source: MacroMicro.me

Related: Bitcoin price cools off amid worrying macroeconomic data — Will $95K hold this week?

Given April’s volatility, traders may adopt a cautious approach this week, suggesting Bitcoin price consolidation. Bitcoin currently trades just below $95,000, consolidating between $93,000 and $95,500 since April 25th.

This article does not contain investment advice. Every investment involves risk.

 

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