Bitcoin starts the first full week of May with a focus on yearly open support ahead of a key US economic policy decision. The upcoming Fed decision is expected to be a major factor for market movements.
Bitcoin Prospects amid Volatility
Bitcoin prices fluctuated around $93,350 before rebounding after the weekly close. Optimism remains intact, but market participants anticipate volatility due to upcoming jobless claims and Coinbase earnings reports. Popular traders believe Bitcoin could reach new highs if it breaks above $98,000.
Fed Decision and Its Market Impact
Federal Reserve members are meeting on May 7 to discuss interest rates, generating significant interest among market participants. A surge in volatility is expected ahead of the meeting, with investors exercising caution.
Bitcoin Dominance Rise and Industry Expectations
Recently, Bitcoin's dominance in the market reached 65%, the highest level in over four years. Analysts suggest that these conditions may signal the forthcoming start of an altcoin season, though some experts highlight opportunities related to institutional demand for Bitcoin.
Amid anticipated economic changes and the rise in Bitcoin dominance, the cryptocurrency market remains under pressure, with participants closely monitoring key events. Sharp price fluctuations are likely ahead of important decisions.
