Bitcoin trades in a narrow range as investors await data

29 Nisan 2025

Bitcoin trades in a narrow range as investors await data, hoping for further recovery

Written by Samer Hasn, Senior Market Analyst at XS.com

Bitcoin continues to trade in a consolidation range just below the $95,000 level, struggling to break and hold above it. The altcoins are also experiencing mixed performance.

Bitcoin’s sideways movements come as markets await a series of crucial economic data releases from the United States, along with the earnings results of several major tech companies, which will help determine the broader market’s trajectory. Meanwhile, we observe a concentration of investor activity aimed at pushing Bitcoin higher, and amidst this, we are witnessing a marked acceleration in activity across the altcoin market.

On the economic data front, particularly from the labor market, today’s focus is on the Job Openings and Labor Turnover Survey (JOLTS). Tomorrow brings the ADP Nonfarm Payrolls report, and the week concludes with the official Nonfarm Payrolls and Unemployment Rate data. Today will also feature the Conference Board’s Consumer Confidence Index, while tomorrow sees the release of the Advanced GDP and Core PCE figures. On Thursday, the Institute for Supply Management’s (ISM) Manufacturing Purchasing Managers (PMI) Index will be released.

On the corporate earnings front, this week includes quarterly results from a wide range of companies, most notably Apple, Microsoft, Amazon, and Meta. These results will influence the market’s direction in the coming weeks.

The overall outlook for upcoming data suggests a general slowdown in the US economy and labor market. However, if the figures come in better than expected, it could demonstrate to markets that the economy is more resilient to the challenges of tariffs and prevailing uncertainty. This, in turn, may fuel risk appetite in financial markets—something that Bitcoin and cryptocurrencies depend on to sustain gains. This comes amid expectations of further tariff reductions, which could add momentum to risk assets.

The Wall Street Journal, citing informed sources, reported that Donald Trump is poised to ease the impact of auto tariffs by preventing additional duties on foreign vehicles and reducing tariffs on imported auto parts used in US manufacturing.

This anticipated development follows Trump’s repeated public and private remarks regarding de-escalation in the trade conflict with China, which has previously led to significant gains in both stock and crypto markets.

Investors anticipating a full recovery are already positioning themselves to capitalize on the potential upside in Bitcoin and cryptocurrencies.

Spot Bitcoin exchange-traded funds saw more than $590 million in net inflows yesterday, following a week that added over $3 billion, the fastest pace since last November, according to data from SoSoValue.

The Bitcoin futures market shows a slightly mixed picture today, but overall, signs point to easing short selling pressure. We are seeing a decline in seller dominance, with the long-to-short ratio reaching nearly 1.065—the highest in a week. This comes as the wave of long liquidations, which had been rising since late February, has subsided, according to CoinGlass data. However, buyers still appear hesitant, as the futures open-interest-weighted funding rate remains close to zero.

Amid optimism about continued crypto recovery, regulatory easing, and increased adoption, the Ethereum network and several Layer 2 solutions have seen notable growth. The number of active unique addresses recently hit a new record high of over 15.4 million, according to Growthepie data. Moreover, inflows into these networks are rising, with total value locked (TVL) across protocols nearing $60 billion and approaching its highest levels since early April, according to DeFiLlama.

Despite Ethereum’s underwhelming price performance, the development across its protocols in different layers underscores growing utility. These networks now host the largest number of protocols—over 4,300, by far. Thus, while Bitcoin remains the premier asset for long-term investment and value storage, Ethereum and L2 ecosystems represent the technology’s most prominent real-world application.

 

Zaid Barem / ymm