On May 1st, according to CoinDesk, the market has been largely range-bound over the past week, with analysts believing this has laid the foundation for a potential strong upward movement.
Alex Kuptsikevich, Chief Market Analyst at FxPro, stated: "Prolonged consolidation usually builds momentum for subsequent trends. The next important trigger may be Friday's employment market data."
"Over the past five days, market volatility has been very narrow, showing a slight downward trend. However, it has not yet broken through its 200-day moving average, which is currently positioned at $3.01 trillion. If a global positive factor emerges, the market is expected to break through and potentially reach the $3.5 trillion area," Kuptsikevich added, also noting that the Altcoin market may experience strong volatility.
