Bitcoin Gains 15% in April, Traders Eye Key Data for Next Move

Bitcoin (BTC) has been consolidating around $95,000 on April 30, with traders anticipating a significant price movement as the monthly close approaches. The calm in trading conditions is expected to be disrupted by key US macro data, including Q1 GDP and the March print of the Personal Consumption Expenditures (PCE) index, which is a crucial inflation gauge for the Federal Reserve. According to a trading resource, there is a consensus implying a negative GDP result for the first quarter, which could lead to volatility across risk assets.

Despite the potential for market volatility, Bitcoin traders remain optimistic about the cryptocurrency's price trajectory. Popular trader Cold Blooded Shiller suggested that the next 24 hours would be decisive for BTC and the S&P 500, with a potential for a significant break into new highs. Crypto trader and analyst Michaël van de Poppe echoed this sentiment, stating that Bitcoin is consolidating before the next leg upwards. Fellow trader Jelle noted a potential upside liquidity grab with asks thickening around $96,000, indicating that the market is preparing for a move higher.

April has been a strong month for BTC/USD, with the pair up 15% month-to-date, marking the best April gains since 2020. This performance is particularly notable given the lackluster Q1 performance. Popular trader and analyst Rekt Capital commented that a monthly close in the $93,300-$96,500 range would solidify Bitcoin's position at these highs, even if downside wicking below $93,300 could still occur in May. This analysis suggests that Bitcoin is on the cusp of a significant price movement, with traders confident that the upside breakout will result in further gains.