BTC dominance due 'collapse' at 71%: 5 things to know in Bitcoin this week
Bitcoin (BTC) begins May with a focus on yearly open support at $93,500 amid bullish trader sentiment. After a dip to $93,350, Bitcoin rebounded, with significant ask liquidity at $96,420. Traders suggest potential short-term bullish setups at $98,000 or after a retest of lower levels. The upcoming Federal Reserve meeting on May 7 is anticipated to influence market dynamics, with low expectations for rate cuts. Economic concerns, including rising recession fears, have led to increased sensitivity of Bitcoin to US employment data. Bitcoin's market dominance has risen to 65%, the highest since early 2021, indicating a potential altcoin rally. The Crypto Fear & Greed Index shows neutral sentiment, with rising FOMO risks as social media discussions shift towards higher price expectations for Bitcoin.
