Analyst: Bitcoin's extended period of consolidation is allowing the market to gather strength for a potential breakout. Friday's US employment data could serve as a catalyst for this move.

BlockBeats News, May 1st, according to CoinDesk's report, over the past week, the market has mainly been in a range-bound state, with analysts believing this has laid the foundation for a possible strong upward movement.

Alex Kuptsikevich, Chief Market Analyst at FxPro, stated: "Extended consolidation periods are usually setting the stage for the next move. The next key trigger could be Friday's job market data."

"Over the past five days, the market has seen a very narrow trading range and has shown a trend of slight declines. However, it has still failed to break through its 200-day moving average, which is currently positioned at $3.01 trillion. If there is a global positive catalyst, the market could break through and potentially target the $3.5 trillion area," Kuptsikevich added, noting that the altcoin market may experience strong volatility.