BTC Sell Order Liquidity Concentrated at $96,000, Monthly Close Expected to Achieve Best April Gain in Nearly Four Years

BlockBeats reports that on April 30, according to Cointelegraph, TradingView data shows that Bitcoin is maintaining a narrow range of fluctuations just hours before the monthly close and the release of significant U.S. macroeconomic data. The market is focusing on the first quarter GDP data and the March Personal Consumption Expenditures Price Index (PCE) — the latter being considered the Federal Reserve's preferred inflation indicator. The trading information platform Kobeissi Letter points out that the market consensus predicts a negative GDP growth: "All signs indicate that this will be the first quarterly GDP contraction in the U.S. since the second quarter of 2022." Despite the potential for significant volatility in risk assets, Bitcoin traders remain confident that prices will resume their upward trend.

Renowned trader Cold Blooded Shiller stated: "The next 24 hours will be a decision-making moment for BTC and the S&P 500 index. Bitcoin has the opportunity to break through resistance and reach new highs, and I am inclined to favor a bullish breakout." Cryptocurrency analyst Michaël van de Poppe shares the same view: "Bitcoin is consolidating perfectly, gearing up for the next wave of upward movement." Another trader, Jelle, noted that the sell order liquidity above the current price is mainly concentrated around $96,000, which could become a target for the bulls.

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