$BTC As of May 6, 2025, Bitcoin (BTC) is trading at $94,170, reflecting a slight decline of 0.40% over the past 24 hours. The intraday high reached $95,118, while the low dipped to $93,702.

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๐Ÿ“ˆ Market Dynamics

ETF Inflows: Bitcoin ETFs are experiencing their third consecutive week of inflows, indicating sustained institutional interest and a growing dominance of BTC over altcoins.

FOMC Anticipation: Traders are closely monitoring the upcoming Federal Open Market Committee (FOMC) meeting, with expectations of a potential rate cut in July. This uncertainty has led to a cautious market sentiment.

Strategic Reserve Developments: The U.S. government's initiative to establish a Strategic Bitcoin Reserve has faced mixed reactions. While some states have introduced similar bills, Florida has indefinitely postponed its proposed legislation.

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๐Ÿ”ฎ Price Predictions

Short-Term Outlook: Analysts suggest that Bitcoin may test the $99,900 level, a point where long-term holders have historically taken profits.

Long-Term Projections: Prominent figures like Raoul Pal and Binance's Changpeng Zhao predict that Bitcoin could reach between $500,000 and $1 million in this bull cycle, driven by macroeconomic trends and increasing institutional adoption.

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๐Ÿง  Market Sentiment

Despite recent price fluctuations, Bitcoin's dominance remains strong, with a growing preference among traders for BTC over altcoins. The market is awaiting clearer signals from the FOMC meeting and further developments in the regulatory landscape.

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