BTC sell order liquidity is concentrated at $96,000, with the monthly close expected to create the best April rise in nearly four years.

BlockBeats News: On April 30, according to Cointelegraph, TradingView data showed that Bitcoin maintained a narrow range in the hours before the close of the monthly chart and the release of important U.S. macro data. Markets are focused on Q1 GDP data and the March Personal Consumption Expenditures Price Index (PCE), which is seen as the Fed’s favorite inflation gauge. According to trading information platform Kobeissi Letter, the market consensus predicts negative GDP growth: “All indications are that this will be the first quarterly GDP contraction in the US since the second quarter of 2022”. Despite the possibility of wild volatility in risk assets, bitcoin traders remain confident that the price will resume its rally. Cold Blooded Shiller, a well-known trader, said: “The next 24 hours will be the decision-making moment for BTC and the S&P 500, and Bitcoin has a chance to break through resistance to make new highs, and I am inclined to a bullish breakout.” Crypto analyst Michaël van de Poppe agrees: “Bitcoin is consolidating perfectly to build up momentum for the next wave of gains.” Another trader, Jelle, noted that the liquidity of sell orders above the current price is mainly concentrated around $96,000 and could be a target for bulls. Compared to its weak Q1 performance, Bitcoin has risen 15% so far in April and is on track for its best April gain since 2020. Analyst Rekt Capital noted: “Bitcoin is about to complete the monthly close in the $93,300-96,500 range, which will strengthen the current support level. Even if there is a possibility of a downward test in May (similar to the long lower shadow in December 2024 or January 2025).”