Bitcoin Price Remains Steady After Canadian Election, Awaits Macro Data

By James Van Straten (All times ET unless indicated otherwise) The price of Bitcoin, currently at $85,241.86, remains near the $95,000 level, seemingly unaffected by the outcome of the Canadian election where a pro-Bitcoin candidate lost. Key macroeconomic data releases later this week are expected to influence Bitcoin's next move, with the non-farm payrolls report on Friday being a major highlight. In the interim, Bitcoin is forming a symmetrical triangle consolidation pattern, characterized by a series of higher lows and lower highs. Typically, this pattern suggests a continuation of the prior trend. A decisive move above $95,500 could trigger the next upward leg, while a drop below the support level may indicate a reversal. From a technical standpoint, Bitcoin's hashrate, which has seen significant growth in recent months and is now close to its record high, is starting to slow down. A downward adjustment in difficulty of over 5% is anticipated in four days, which will provide relief to miners who have been dealing with hashprice levels near five-year lows. The upcoming macroeconomic data releases include personal spending and GDP growth figures on Wednesday, although Friday's jobs report is the main focus. Economists predict a decline in new jobs to 135,000 in April, down from the 228,000 figure in March, which was the strongest in three months. The unemployment rate is expected to remain steady at 4.2%, indicating a persistently tight labor market. The CME FedWatch Tool suggests a 91% probability that the Fed funds rate will be maintained at 4.25%–4.50% during the May 7 FOMC meeting. Additionally, earnings season is gaining momentum, particularly among the 'Magnificent Seven' tech stocks. Microsoft (MSFT) and Meta (META) will report after the market close on Wednesday, followed by Apple (AAPL), Amazon (AMZN), and Strategy (MSTR) on Thursday. Stay alert for these developments. Key Events to Watch Upcoming Conferences The CoinDesk Consensus conference will take place in Toronto on May 14-16. Use the code DAYBOOK to receive a 15% discount on passes. Token Talk By Shaurya Malwa Derivatives Positioning Market Trends Bitcoin Statistics Technical Analysis Insights Crypto Equities Performance ETF Flow Updates Spot BTC ETFs Spot ETH ETFs Source: Farside Investors Overnight Market Flows Chart of the Day While You Were Sleeping In the Ether