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Bitcoin Analysis Today – May 6, 2025

The price of Bitcoin stabilized today near $94,700, after a decline this morning to $93,400, amidst anticipation ahead of tomorrow's Federal Reserve meeting. The market is watching Jerome Powell's statements, which may determine the upcoming price direction. Meanwhile, Bitcoin's dominance in the market has risen to its highest level in 4 years, due to capital flowing 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 USA has passed a law to create a strategic reserve of Bitcoin, enhancing its legitimacy as a store of value.

Tip of the day: Monitor the Federal Reserve's statements tomorrow; any indication of interest rate stabilization may support a new rise for Bitcoin.

Sources:

Investopedia

CoinDesk

Bitcoin Magazine