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 hovered around $95,000, and traders anticipated volatility to emerge soon.
Bitcoin Enters a Quiet Phase Ahead of Potential Volatility
According to data from Markets Pro and TradingView, traders observed calm conditions with only hours remaining until the monthly close and the release of key US macro data.
The Q1 GDP and the March reading of the Personal Consumption Expenditures (PCE) index represent the latter, and the Federal Reserve recognizes the PCE index as its “preferred” inflation measure.
The trading resource, the Kobeissi Letter, highlighted a consensus the day before that pointed to a negative GDP result.
An X post, alongside data from prediction service Kalshi, stated that all signs point to the first quarter of US GDP contraction since Q2 2022.
Despite the potential for flash volatility across risk assets, Bitcoin traders increasingly expressed confidence that BTC price would soon move higher.
“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.”
Popular trader Cold Blooded Shiller argued that $BTC and $SPX will likely face a decision point within the next 24 hours.
Crypto trader, analyst, and entrepreneur Michaël van de Poppe expressed agreement.
He summarized to his X followers that Bitcoin was consolidating nicely before the next upward leg should begin.
Fellow trader Jelle and others eyed a potential upside liquidity grab, noting that asks thickened immediately above the spot price, mostly around $96,000.
“It is moving sideways for a while to prepare for the next leg higher,” a separate X post stated on the day.
Bitcoin Set to Record Strongest April Performance in Years
Traders viewed April as a promising month for BTC/USD following a lackluster Q1 performance.
Monitoring resource CoinGlass showed that the pair increased by 15% month-to-date, marking the best April gains since 2020.
Popular trader and analyst Rekt Capital commented in an X post that Bitcoin is likely on the cusp of a Monthly Close within the $93,300–$96,500 range.
“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).”
