Volatility is expected to be navigated by Bitcoin as US GDP and PCE data are released, with the monthly candle close being closely watched by market participants, as a 15% increase in BTC price has been observed.
On April 30, Bitcoin was held around $95,000, with volatility anticipated to emerge soon.
Calm trading conditions were observed, with hours remaining until the monthly close and the release of key US macro data, according to data from Markets Pro and TradingView.
The latter is represented by the Q1 GDP and the March reading of the Personal Consumption Expenditures (PCE) index, which is recognized as the Federal Reserve’s “preferred” inflation measure.
The day before, a consensus pointing to a negative GDP result was highlighted by trading resource, the Kobeissi Letter.
“It was written in an X post, alongside data from prediction service Kalshi, that all signs point to the first quarter of US GDP contraction since Q2 2022.”
Despite the potential for flash volatility across risk assets, increasing confidence was shown by Bitcoin traders that an upside in BTC price would soon be seen.
“Either this loss of momentum results in the correction or we get clear of this and make a significant break into new highs. I still favour expansion upwards as the outcome.”
It is expected that decision time for $BTC and $SPX will arrive within the next 24 hours, as argued by popular trader Cold Blooded Shiller.
Agreement was expressed by crypto trader, analyst, and entrepreneur Michaël van de Poppe.
It was summarized by him to X followers that a nice consolidation of Bitcoin before the next upward leg should be initiated.
A potential upside liquidity grab was eyed by fellow trader Jelle and others, with asks thickening immediately above the spot price, mostly clustered around $96,000.
“It is being moved sideways for a while to prepare for the next leg higher,” it was added in a separate X post on the day.
April was viewed as promising for BTC/USD against the backdrop of a lackluster Q1 performance.
Data from monitoring resource CoinGlass showed that a 15% increase month-to-date had been recorded for the pair, marking the best April gains since 2020.
“It is believed that Bitcoin is on the cusp of a Monthly Close within the $93,300-$96,500 Monthly Range,” was commented on by popular trader and analyst Rekt Capital in an X post on the topic.
“A Monthly Close like this would solidify Bitcoin’s position at these highs, even if downside wicking below $93300 could still occur in May (similar to Dec 2024 or Jan 2025 wicks).”
