Bitcoin (BTC) is approaching its early-year support line as it enters the first week of May. This week, the Federal Reserve's interest rate decision and key macroeconomic indicators are scheduled, keeping investors on high alert.
Over the weekend, Bitcoin dropped to $93,350 on Bitstamp before rebounding, currently trading near its early-year price support line. Although selling pressure intensified around Sunday's market close, the overall upward trend is still considered maintained.
The most significant variable this week is the Federal Reserve's interest rate announcement on the 7th (local time). Prevailing forecasts suggest that Jerome Powell's remarks could decisively influence market direction. If Powell hints at a potential soft economic landing or mentions future rate cuts, it could trigger risk asset-focused investment sentiment.
Additionally, the new unemployment claims report and Coinbase's (COIN) earnings release are expected, which may add volatility to the market. Particularly with renewed concerns about a US economic recession, consumption and employment data could sensitively impact market sentiment.
Bitcoin's market share indicator is also noteworthy. Currently, Bitcoin dominance has reached 65%, marking a four-year high. However, some analysts interpret this as a signal of dominance peak and believe an altcoin market counterattack is imminent.
Meanwhile, investors' optimistic outlook on Bitcoin remains. Some analysts argue that the market has not yet fully reflected 'FOMO' (Fear of Missing Out), suggesting Bitcoin could again experience buying pressure. As long as the core support line is continuously maintained, the Bitcoin bull market could continue.
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