Bitcoin (BTC<\/a>) stayed choppy at the April 28 Wall Street open, while United States macro data conformed to expectations.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC\/USD fluctuating around the $29,000 mark on Bitstamp.<\/p>\n U.S. Personal Consumption Expenditures (PCE) Index data, tipped as the macro event of the week<\/a>, failed to deliver a performance catalyst as numbers broadly conformed to what markets had already priced in.<\/p>\n \u201cThe trend is our friend, however core sticky for now – hovering at 4.6% since December,\u201d financial commentator Tedtalksmacro responded<\/a>, adding in Twitter comments that the latest numbers were \u201coverall nothing to shock the market.\u201d<\/p>\n U.S. equities thus showed little movement at the open, while for Bitcoin, Binance order book data showed modest bid liquidity moving toward spot price, compressing potential volatility.<\/p>\n Here’s how the #BTC<\/a> order book is setup ahead of the report. #FireCharts<\/a> pic.twitter.com\/7sCpVP5mKU<\/a><\/p>\n \u2014 Material Indicators (@MI_Algos) April 28, 2023<\/a><\/p><\/blockquote>\n Attention increasingly focused on the macro events of the coming week, these headlined by the Federal Reserve interest rate decision.<\/p>\n As noted by financial commentary resource The Kobeissi Letter, already strong odds of a further rate hike only gained momentum on the back of the PCE print.<\/p>\n \u201cInterestingly, odds for another 25 bps rate hike in June are building, up to 28%,\u201d part of Twitter analysis stated<\/a>. <\/p>\n \u201cHowever, at least 2 rate cuts are expected this year. The Fed still has not said they support any rate cuts this year. Next week will be huge.\u201d<\/p><\/blockquote>\n According to CME Group\u2019s FedWatch Tool<\/a>, a 0.25% rate hike was a 90% certainty at the time of writing, up 5% versus the day prior.<\/p>\n With little certainty<\/a> in BTC price action, meanwhile, traders focused on the longer-term trend.<\/p>\n Related:\u00a0Bitcoin sell-off next? Binance BTC balance shoots up $1.5B in one month<\/a><\/em><\/strong><\/p>\n Jelle, already confident that major downside would be avoided, flagged new trading range for BTC\/USD, with a possible \u201cslow bleed\u201d to just below the $29,000 mark.<\/p>\n #Bitcoin<\/a> is establishing a new range here – seems like volatility will come down in the coming days.<\/p>\n Slow bleed towards 28.7 makes sense.<\/p>\n No need to get euphoric or scared, consolidation is a necessary part of market movement.<\/p>\n The long-term direction remains up, be patient. pic.twitter.com\/rwil38uRkP<\/a><\/p>\n \u2014 Jelle (@CryptoJelleNL) April 28, 2023<\/a><\/p><\/blockquote>\n Popular trader and analyst Rekt Capital zoomed out further, eyeing a potential repeat of historical bullish trends to confirm the end of last year\u2019s bearish trend.<\/p>\n \u201cBitcoin has already broken its Downtrend. Now it\u2019s all about continuing the new Uptrend. Whether a retest is needed or not is the question,\u201d he tweeted<\/a> on April 27.<\/p>\n \u201cBut history suggests the mid-term to long-term outlook looks bullish.\u201d<\/p><\/blockquote>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-04\/719adf95-c862-4ad4-b2bb-19c1cb83bb30.png\")
PCE offers \u201cnothing to shock\u201d<\/h2>\n
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BTC price cements short-term range<\/h2>\n
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