On April 28th, the price of Bitcoin continued to be choppy on Wall Street, as the macro data of the United States performed as expected. TradingView as well as Cointelegraph Markets Pro data showed a fluctuation of the price of BTC/USD at around $29,000 on Bitstamp.
PCE’s Announcements Were Not Shocking At All For Bitcoin
The index date from PCE (the US Personal Consumption Expenditures), did not deliver a catalytic performance. It was hailed as the week’s macro event. However, the numbers more or less went as expected by the markets’ prices beforehand.
Tedtalksmacro, a financial commentator, explained that the trend, regardless of its stickiness with the core recently, has remained around 4.6% since last December. He further added via comments on Twitter that the recent numbers were, as a whole, not shocking at all for the market.
Thus, during the opening, there was little movement shown by the US equities. Meanwhile, for Bitcoin, the date from the order book of Binance showed a modest liquidity of bids moving in favor of spot prices, showcasing a further compression of potential volatility.
For the price action of Bitcoin, there continues to be little certainty. As such, traders remain more attentive toward trends for the long term. Jelle is already confident of avoiding major downsides. As such, they marked new a range of trading for Bitcoin. He pointed out a potential “slow bleed” for BTC/USD till it reaches just underneath the mark of $29,000.
Rekt Capital, another popular analyst, and trader, looked at an even bigger picture. They warned of a probable return of historic bullish trends as a confirmation of the bearish trend that happened during 2022 end. On April 27th, he said that Bitcoin’s Downtrend is already broken. As such, the only question is how long the latest Uptrend continues.