$BTC

Bitcoin Analysis Today – May 6, 2025

The price of Bitcoin has stabilized today near $94,700, after a morning drop to $93,400, amid anticipation ahead of the US Federal Reserve meeting tomorrow. The market is closely watching Jerome Powell's statements that could determine the next price direction. Meanwhile, Bitcoin's dominance in the market has risen to the highest level in 4 years, due to the flow of capital from alternative currencies towards Bitcoin, reflecting investors' confidence in it as a safe haven.

In an unprecedented move, the state of New Hampshire in the US has passed a law to create a strategic reserve of Bitcoin, enhancing its legitimacy as a store of value.

Tip of the day: Watch for the Federal Reserve's statements tomorrow; any indication of keeping interest rates steady could support a new upward movement for Bitcoin.

Sources:

Investopedia

CoinDesk

Bitcoin Magazine