Bitcoin dominance is expected to drop from 71%: 5 things to know about Bitcoin this week
Bitcoin is preparing for the Fed's interest rate decision with support for the BTC price in focus, along with the final innings of the relentless rise in Bitcoin dominance.
It starts the first full week of May with the support of the annual opening in focus before a crucial economic policy decision in the U.S.
BTC price action is attempting to hold the annual opening as support after a drop in the weekly close, but optimistic outlooks remain intact.#USStablecoinBill
The U.S. Federal Reserve's interest rate decision is the main macroeconomic event of the week, with Chairman Jerome Powell expected to "move the markets."
Unemployment claims and Coinbase earnings contribute to a mix of potential volatility triggers, as debates about recession intensify.,#BinanceLaunchpoolSXT
Bitcoin dominance reaches 65% for the first time in over four years, but analyses suggest its days are numbered.,#BTC走势分析
Bitcoin's 'FOMO' is still lurking as sentiment turns positive.
Bitcoin traders remain optimistic with support at $93,500
Bitcoin faced some selling pressure at the weekly close on May 4, hitting lows of $93,350 on Bitstamp before recovering, as shown by data from Cointelegraph Markets Pro and TradingView.
Liquidity had piled up near the spot price, both up and down, with buy orders partially filled due to the pullback.
The latest data from the CoinGlass monitoring resource shows the largest cluster of sell liquidity at $96,420.
Trader CrypNuevo outlined a possible short-term bullish scenario in his latest outlook on X.
"In the case of buy triggers, I like these two scenarios: a new local top ($98,000), where we could see some short-term liquidations after the previous range tops are regained (upper yellow line), or from a much lower level, with a successful retest of the 50-day exponential moving average," he wrote.