The dominance of Bitcoin is about to 'collapse' at 71%: 5 things to know about Bitcoin this week

Bitcoin is preparing for the Fed's interest rate decision with a focus on supporting BTC prices — along with Bitcoin's ongoing dominance growth.

Bitcoin began the first week of May with a focus on maintaining support from the annual open ahead of an important U.S. economic policy decision.

BTC price action attempts to hold the annual open as a support level after some sell-offs at the weekly close, but the bullish outlook remains intact.

The U.S. Federal Reserve's interest rate decision is this week's important macro event, with Chairman Jerome Powell expected to 'move the market'.

Unemployment claims and Coinbase income contribute to a mix of potential volatility factors as discussions about a recession grow.

Bitcoin's dominance reached 65% for the first time in over four years, but analysts suggest that its golden era is coming to an end.

'FOMO' for Bitcoin is still waiting as sentiment shifts to positive.

Bitcoin traders remain optimistic with the $93,500 level intact.

Bitcoin experienced some selling pressure during the weekly close on May 4, hitting a low of $93,350 on Bitstamp before recovering, data from Cointelegraph Markets Pro and TradingView shows.

Liquidity has increased close to the spot price, in both directions, with buy orders partially filled due to the price drop.