Bitcoin: 5 Things to Know This Week

BitcoinBTCIn the lead-up to a major US economic policy announcement, focuses on yearly support during the first week of full May.

• BTC Price Action tries to hold the yearly opening as support, after some decline at the weekly closing. But bullish perspectives are still intact.

• This week’s key macro-event is the US Federal Reserve rate announcement. Chair Jerome Powell has been tipped as the winner. “move markets.”

• Coinbase earnings and jobless claims are two of the many potential triggers for volatility as the recession talks intensify.

• Bitcoin’s dominance has reached 65%, the highest it has been in four years. But analysts believe its days are numbered.

• Bitcoin “FOMO” Positive sentiments are still awaiting the turn.

Bitcoin traders remain confident with $93,500 intact

Data from Bitstamp shows that Bitcoin experienced some selling pressure in the week ending May 4, reaching a low of $93,350 before recovering. Cointelegraph Markets Pro The following are some examples of how to get started: TradingView shows.

Bids were partially filled because of the drop. Liquidity was building up near the spot price both upwards and downwards.

The latest monitoring data is now available CoinGlass Shows the biggest cluster nearby of Ask Liquidity at $96,420.

CrypNuevo, a popular trader on X, has outlined a possible short-term bull scenario in his most recent outlook.

“In the case of long triggers, I like these two setups: Either a new local high ($98k) where we can see some LTF liquidations after a reclaim of the previous range highs (upper yellow line), or from much lower from the 1D50EMA retest if it’s successful,” He wrote.

Daan Crypto trades, a fellow trader from the same trading platform, has his eye on a brand new opportunity. “gap” CME Group’s Bitcoin Futures Markets could be a price-magnet.

“These gaps have generally been getting closed within 1-3 days recently so it can be useful to keep an eye on it,” Part of a X-post readThe difference is approximately $97,000.

Zooming out, however, popular trader and analyst Rekt Capital focused on downside support at $93,500 — Bitcoin’s yearly open.

“Bitcoin has rejected from the Lower High resistance (black diagonal),” He explained Alongside a weekly BTC/USD Chart.

“Going forward, Bitcoin will need to hold the $93.5k Range Low to fully confirm a reclaim of the Range.”

Separate Analysis suggested Bitcoin’s price could reach new highs after a series higher highs.

#BTC

Bitcoin Price Discovery Road Map

Bitcoin is in the process of transitioning from its First Price Discovery Uptrend to its Second Price Discovery Uptrend.

Prices and time frames are not scaled.$BTC #Crypto #Bitcoin https://t.co/yfY3h60Ywy pic.twitter.com/yahXUIpVkY

— Rekt Capital (@rektcapital) April 30, 2025

Focus on FOMC during Fed Week

As opposed to last week’s macroeconomic events, one event will dominate the next few days: the Federal Reserve interest rate decision.

The Federal Open Market Committee meeting on May 7, 2019 is closely followed by crypto traders and others.

The circumstances surrounding the meeting are unusual — the Fed remains hawkish on the economy, seeking to hold rates steady in the face of rising economic risks and talk of recession. Inflationary fears have been heightened by the US trade conflict, supporting Fed policy.

Donald Trump, the US president, has argued for a rate cut. personally singling out Fed chair Jerome Powell has been on social media several times.

This meeting provides a signal for traders about what to expect throughout the remainder of the year.

🇺🇸 The FOMC will make a decision on Wednesday about whether or not to raise, cut, or maintain rates.

What is your forecast? 👇 pic.twitter.com/cUkhGyHdIR

— Cointelegraph (@Cointelegraph) May 5, 2025

“All eyes are on Fed Chair Powell this week after recent pressure from Trump to cut rates,” Trading resource The Kobeissi Letter summarized On X.

Markets are aware of the tensions surrounding this decision, but they do not expect a sudden move from officials. CME Group’s latest data. FedWatch Tool The odds of an interest rate reduction are just 5,2%, as of 5 May.

Weekends are a great time to get away. Cointelegraph reported Expectations regarding Bitcoin’s response to the meeting. Crypto and stock prices tend to drop in the weeks leading up to FOMC meetings as traders try and hedge their bets on the Fed and its future policies.

“If a standard pre-FOMC correction takes place, then the go-to zone for entries is between $91.5-92.5K,” crypto trader, analyst and entrepreneur Michaël van de Poppe told X Followers in part of a post about the subject.

Trading resource Material Indicators added Powell’s comments at the FOMC news conference were interpreted as being a negative. “move markets” Regardless of rate decisions

Bitcoin is a hot commodity for recession betting

Other macro-topics for risk and crypto assets that are on the radar include the first jobless claim report due on 8 May, as well as the earnings of major US crypto exchange Coinbase.

Bitcoins have become a new phenomenon increasingly sensitive A major deviation from the expectations is a source of potential volatility.

Although the US trade war has not affected the US labor market, there have been reports about the US economy going through a recession. “stagflation” Even recession is increasing.

“US consumers’ recession expectations are skyrocketing: Americans’ perceived likelihood of a US recession over the next 12 months rose to 72% in April, the highest in 2 years. Since November 2024, this percentage has surged by 8 points,” Kobeissi noted.

Other consumer data, like that of the Kalshi service for predictions, confirms this sentiment.

“Such a pessimistic view of the economy and financial situation will likely lead to more pullback in consumer spending,” Kobeissi conclusi 

“All signs point to an economic slowdown.”

The latest issue of “The Market MosaicMosaic Asset, a trading firm, referred to the Q1 GDP missed as “on May 4”. “the latest sign that tariffs and trade wars are delivering a major hit to the economy.”

“Evidence that the economy is holding up against the turmoil and uncertainty caused by trade war headlines is helping the S&P 500 to recover most of the selloff following the announcement of reciprocal tariffs,” It is acknowledged that it still exists.

Trump’s tariff-driven policy has led to a “Liberation DayBitcoins rose by about 15% in April.

Bitcoin dominance starts “final countdown”

Crypto circles are anticipating the real start of altcoin’s next rally.

Bitcoin’s share of total crypto-market cap has reached 65% this weekend. This is its highest since early 2021.

Ether, the biggest altcoin in the world, has been the focus of attention for investors over the last two years.ETH( ), and in particular.

Recent ETH/BTC trading near levels not seen since 2019Even modest changes in trend can cause traders to make bets that a long-term trend is about to begin.

Bitcoin dominance crashes.

ETH/BTC is starting to rise.

Alterseason begins after the first season.

Any questions? pic.twitter.com/SOuVWx7nLK

— Mister Crypto (@misterrcrypto) May 4, 2025

“Bitcoin Dominance is now in the process of positioning itself for what will most likely be its final leg in its Macro Uptrend before a major collapse,” Rekt Capital has predicted the future in an X update The first day of May is a holiday.

“The road to 71% continues on successful retest of 64%. But it is the Final Countdown.”

Rekt Capital had previously noted that Bitcoin’s dominance has reached a long-term peak of 71%. Last year, Bitcoin dominance reached 71%. “altseason,” He argued this earlier in the year. ended in 2024.

Others, on the other hand, believe that this latest rise in dominance is a deviation from past norms. Thomas Fahrer is the co-founder at crypto reviews portal Apollo. He believes that this rise in dominance can be attributed to an increasing demand from institutions for BTC.

“This cycle is different because when Blackrock & Saylor buy Bitcoin they just hold it. They don’t swap them for alt coins,” He wagered The last week refers to ongoing purchases The US Spot Bitcoin Exchange-Traded Funds or ETFs. as well as Strategy is a business technology company.

Bitcoins sentiment has shifted from “ideal buy time”

The term “As the Crypto Fear & Greed Index Hovering in “neutral” The analysis of the territory is reinforcing risks. “FOMO” Returning to the Market

Related: Bitcoin price cools going into Fed rate hike week, HYPE, AAVE, RNDR, FET still look bullish

The latest issue of the magazine, market update Santiment Research revealed that on May 1, social media users had a new outlook for BTC’s price performance.

“We can see that social media was making lower price calls ($10K–$69K) during the stretch between Apr 6–18, 2025,” It was after Liberation Day that I began writing about the environment. 

“This was the ideal buy time. After prices eventually hit a temporary plateau at the end of April, high price calls ($100K–$159K) are now greatly exceeding lower calls.”

Santiment had previously warned of this danger “FOMO” among new investors Bitcoin’s attempt to keep its price higher for longer could be hindered.

“Overall levels of discussions toward Bitcoin remain quite steady, currently at about 25% of all asset topics,” Now, it reports that more and more positive remarks are being made.

The article is not intended to provide investment advice. Risk is inherent in every investment decision and trade. The reader should always do research prior to making any kind of trading or investing decisions.