Key points:
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Bitcoin consolidates after upside momentum stalls, but traders are confident that upside breakout will result.
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Major risk-asset volatility is expected as US macro data precedes the monthly candle close.
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April BTC price performance is on track to be the best since 2020.
Bitcoin (BTC) spent another day around $95,000 on April 30 as volatility waited in the wings.
Bitcoin enjoys the calm before the storm
Data from Cointelegraph Markets Pro and TradingView showed calm trading conditions with hours to go until the monthly close and key US macro data.
The latter comes in the form of Q1 GDP and the March print of the Personal Consumption Expenditures (PCE) index, known as the Federal Reserve’s “preferred” inflation gauge.
The day prior, trading resource the Kobeissi Letter meanwhile pointed to consensus implying a negative GDP result.
“All signs point to the first quarter of US GDP contraction since Q2 2022,” it wrote in an X post alongside data from prediction service Kalshi.
Despite the scope for flash volatility across risk assets, Bitcoin traders were increasingly convinced that BTC price upside would soon return.
“It’s going to be decision time for $BTC and $SPX I’d imagine within the next 24 hours,” popular trader Cold Blooded Shiller argued.
“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.”
Crypto trader, analyst and entrepreneur Michaël van de Poppe agreed.
“Bitcoin nicely consolidating before the next leg upwards should initiate,” he summarized to X followers.
Fellow trader Jelle and others meanwhile eyed a potential upside liquidity grab with asks thickening immediately above spot price, mostly clustering around $96,000.
“Simply moving sideways for a while to prepare for the next leg higher,” he added in a separate X post on the day.
BTC price eyes best April in years
April thus looked promising for BTC/USD against the background of lackluster Q1 performance.
Related: Why is Bitcoin price stuck?
Data from monitoring resource CoinGlass showed the pair up 15% month-to-date, the best April gains since 2020.
“Bitcoin is on the cusp of a Monthly Close in the $93300-$96500 Monthly Range,” popular trader and analyst Rekt Capital commented 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).”
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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