Bitcoin Holds Price Around $28k As Investors Prepare For April Data

TL;DR

• Bitcoin continues to trade close to the $28k region after a volatile performance in March.

• Investors are waiting for the latest round of data in April as the market continues its recovery.

Bitcoin Continues To Trader Around $28k

Bitcoin, the world’s largest cryptocurrency by market cap, is down by 2% over the past 24 hours. BTC is trading at $27,900 per coin and could be set to rally higher over the next few days.

The performance of the largest cryptocurrency has been silent over the past week following the turmoil that followed Binance’s lawsuit in the United States. The stability in Bitcoin’s price in the near term showed an improved sentiment amongst investors in the market.

Investors would now be waiting for fresh data for April to determine how the market would perform this month. The United States Census Bureau is expected to release February durable goods orders on Tuesday, and market experts estimate it would decline by 1% month-over-month.

On Friday, the US Labor Department will announce March's nonfarm payrolls (NFP), and it is expected to remain at its current 3.6%. The job data plays a crucial role in how the Federal Reserve approaches its interest rate decision. 

The technical indicators show that Bitcoin is currently neutral but could soon turn bullish. The MACD remains above the neutral zone, indicating that the bulls are still in charge of the market.

The 14-day RSI of 45 also shows that Bitcoin is still within the neutral zone but could enter the overbought region in the short term. 

Ether, the second-largest cryptocurrency by market cap, is also trading in the red zone after losing nearly 2% of its value. At press time, ETH is trading at $1,791 per coin.