BTC Sell-Side Liquidity Focused Around $96,000, Monthly Close Poised for Best April Gain in Nearly Four Years

BlockBeats News, April 30th, according to Cointelegraph, TradingView data shows that on the monthly closing and a few hours before the release of key U.S. macroeconomic data, Bitcoin maintained a narrow range of fluctuations. The market is closely watching the first-quarter GDP data and the March Personal Consumption Expenditures Price Index (PCE) — the latter is seen as the Federal Reserve's favorite inflation indicator. Trading information platform Kobeissi Letter pointed out that the market consensus predicts a GDP contraction: "All signs indicate that this will be the first quarterly GDP contraction in the United States since the second quarter of 2022." Despite the possibility of significant volatility in risk assets, Bitcoin traders still believe that the price will resume its upward trend.

Renowned trader Cold Blooded Shiller stated: "The next 24 hours will be a decisive moment for BTC and the S&P 500 Index, with Bitcoin having the opportunity to break through resistance and achieve a new high. I am inclined towards a bullish breakthrough." Cryptocurrency analyst Michaël van de Poppe holds a similar view: "Bitcoin is in a perfect consolidation phase, preparing for the next upward movement." Another trader, Jelle, noted that the predominant sell-side liquidity above the current price is mainly focused around $96,000, which could be a target for bullish attacks.

Compared to its weak first-quarter performance, Bitcoin has risen by 15% in April so far, poised to achieve its best April gain since 2020. Analyst Rekt Capital pointed out: "Bitcoin is about to complete the monthly closing in the $93,300-$96,500 range, which will strengthen the current support level. Even if May may see a pullback (similar to the long lower shadow in December 2024 or January 2025)."