This week, Bitcoin continues to be the focus of investors and analysts. Key events and trends to consider:
1. Preparing for the Fed’s decision
All market participants are eagerly awaiting the Federal Reserve’s (FRS) interest rate decision. Fed Chairman Jerome Powell’s speech could have a significant impact on financial markets. Despite this, expectations for rate cuts remain low.
2. Volatility and Dominance
Unemployment claims and Coinbase earnings are increasing market volatility. Bitcoin’s market dominance has reached 65%, but analysts believe that this figure is temporary. The ETH/BTC ratio is trading near levels not seen since 2019.
3. Trading Strategies and Forecasts
Traders remain bullish, supporting the Bitcoin price around $93,500. Possible short-term highs and lows are discussed. Analysts are focused on supporting the price decline at $93,500.
4. FOMC meeting reaction
The Federal Open Market Committee (FOMC) meeting on May 7 will be a key event for the market. Rates are expected to remain stable. However, Powell’s words may affect the markets regardless of the rate decision.
5. Macroeconomic factors
Growing expectations of a US recession are increasing volatility in financial markets. Employment data and Coinbase earnings are also weighing on the market. Trade wars and tariffs may slow economic growth, which in turn may affect the crypto market.
Sentiment and expectations
The Crypto Fear and Greed Index is in neutral territory. There is a risk of FOMO (Fear Of Missing Out) returning to the market. At the same time, positive comments about Bitcoin are becoming more common.
Stay up to date with the latest news and trends to make informed investment decisions.
