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Bitcoin rose modestly on Wednesday, holding just below its recent peak as investors braced for a barrage of U.S. economic data that could shape broader risk sentiment and influence crypto markets in the coming days.
- Bitcoin was up 0.8% at $95,041.2 (as of 01:36 ET), marking a nearly 15% gain for April after rebounding sharply from a two-month downtrend.
The gains have been supported by:
- Renewed institutional inflows via Bitcoin ETFs.
- Fresh purchases by Strategy, a major corporate Bitcoin holder.
- Expectations of crypto-friendly regulation, as Trump officials signal openness to digital asset innovation.
Anticipation Builds Around U.S. Economic Data
Despite Bitcoin’s limited direct exposure to macroeconomic data, traders are closely watching several key U.S. releases this week that may shift sentiment across all risk assets:
- U.S. Q1 GDP (due today) – Offers a snapshot of how the U.S. economy fared in the first quarter of President Trump’s second term.
- PCE Price Index (due today) – The Fed’s preferred inflation gauge; expected to reveal the impact of tariffs on consumer prices.
- Nonfarm Payrolls (due Friday) – A critical labor market indicator likely to influence interest rate expectations.
While Bitcoin tends to decouple from traditional macro indicators, it still trades in tight correlation with tech-heavy indices like the Nasdaq 100, particularly during times of broad risk-on or risk-off sentiment.
Altcoins Rangebound as Bitcoin Dominates April
Most major altcoins underperformed Bitcoin this month, reflecting a market that remains Bitcoin-centric in the current macro environment.
- Ethereum (ETH): Flat at $1,802.73, down 1% in April.
- XRP: Down 0.6% on the day, up nearly 8% in April.
- Cardano: Flat today, +5.7% in April.
- Dogecoin: Down 1.1%, up 5.3% in April.
Solana Shines as April’s Top Performer
- Solana (SOL) has risen 18% in April, outperforming Bitcoin.
- Its momentum has been partly driven by on-chain interest linked to Trump’s meme token $TRUMP, which despite a 6.4% drop today, is still up over 31% in April.
- Trump’s remarks inviting top $TRUMP holders to a White House dinner and forum added speculative energy to the memecoin space.
Outlook
While Bitcoin’s price action remains resilient, near-term momentum may hinge on whether upcoming economic data:
- Triggers renewed rate cut expectations (which would support risk assets, including crypto),
- Or confirms sticky inflation, increasing pressure on markets and potentially limiting upside for digital assets.
