Bitcoin (BTC) remained choppy at the Wall Street open on April 28th, while U.S macro data conformed to expectations. BTC/USD was fluctuating around the $29,000 mark on Bitstamp as the Personal Consumption Expenditures (PCE) Index data failed to deliver a performance catalyst as numbers broadly conformed to what markets had already priced in. Meanwhile, US equities remained stagnant, with Binance order book data revealing modest bid liquidity moving towards spot price, compressing potential volatility.
The attention of market participants is increasingly focused on the macro events of the upcoming week, headed by the Federal Reserve interest rate decision. As Kobeissi Letter pointed out, the already strong odds of a further rate hike only gained momentum on the back of the PCE print. According to the FedWatch Tool, provided by CME Group, a 0.25% rate hike was a 90% certainty at the time of writing, up 5% versus the day prior.
With limited certainty in BTC price action, traders turned their attention to the longer-term trend. Jelle, for instance, flagged a new trading range for BTC/USD with a possible “slow bleed” to just below the $29,000 mark. This was a consolidation that was a necessary part of market movement, and the long-term direction was up.
Other traders and analysts, such as Rekt Capital, zoomed out even further, eyeing a potential repeat of historical bullish trends to confirm the end of last year’s bearish trend. Rekt Capital tweeted, “Bitcoin has already broken its Downtrend. Now it’s all about continuing the new Uptrend. Whether a retest is needed or not is the question, but history suggests the mid-term to long-term outlook looks bullish.”
However, this article does not contain any investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their research before making any decision.
