Bitcoin targets $88K retest after $94K close this week

Bitcoin (CRYPTO:BTC) is navigating a critical week as traders anticipate heightened volatility driven by upcoming United States macroeconomic events.

BTC retested $92,000 after a strong weekly close above the yearly open of $93,500, according to Cointelegraph Markets Pro and TradingView data.

Popular trader CrypNuevo stated on X, "Pretty simple - I don't see momentum rolling over just yet and it's possible to see a third leg up up $97k where there is some liquidity," while highlighting the importance of the 4-hour 50-period exponential moving average (EMA) at $91,850 as potential support.

Meanwhile, trader Roman noted caution, telling his X followers, "Waiting to see what happens at 88k," and expressing skepticism about Bitcoin breaking through the $94,000 resistance soon.

Roman pointed to the heavily overbought stochastic relative strength index (RSI) as an indicator that a cooling-off period might be near.

Similarly, trader and commentator Skew described the current price movement between $90,000 and $92,000 as “indecision,” signaling a lack of clear momentum.

Macroeconomic factors are also taking center stage.

The release of the first-quarter US GDP figures and the Federal Reserve’s preferred inflation measure, the Personal Consumption Expenditures (PCE) index, are expected to significantly impact markets.

The PCE report, due on April 30, arrives just before the monthly close, adding another layer of uncertainty for Bitcoin and broader risk assets.

"This has been one of the most volatile years in history," The Kobeissi Letter stated, noting that the S&P 500 has seen a 2% move in either direction on 23% of trading days so far in 2025.

Market participants are closely watching inflation expectations, with bets on interest rate cuts starting in June despite the Federal Reserve maintaining a hawkish stance.

At the time of reporting, the Bitcoin price was $94,715.07.