BTC dominance due 'collapse' at 71%: 5 things to know in Bitcoin this week
Bitcoin (BTC) starts the first full week of May with yearly open support in focus ahead of a key US economic policy decision.BTC price action attempts to hold the yearly open as support after some downside at the weekly close, but bullish perspectives remain intact.The US Federal Reserve interest rate decision is the key macro event of the week, with Chair Jerome Powell tipped to “move markets.”Jobless claims and Coinbase earnings add to a mixed bag of potential volatility triggers as recession talk gets louder.Bitcoin dominance hits 65% for the first time in over four years, but analysis thinks its days are numbered.Bitcoin “FOMO” is still waiting in the wings as sentiment flips positive.Bitcoin traders stay bullish with $93,500 intactBitcoin saw some sell pressure into the May 4 weekly close, reaching lows of $93,350 on Bitstamp before rebounding, data from Cointelegraph Markets Pro and TradingView shows.BTC/USD 1-hour chart. Source: Cointelegraph/TradingViewLiquidity had built up close to the spot price, both up and down, with bids getting partially filled due to the dip.Now, the latest data from monitoring resource CoinGlass shows the largest nearby cluster of ask liquidity at $96,420.BTC liquidation heatmap (screenshot). Source: CoinGlassPopular trader CrypNuevo outlined a potential short-term bull case in his latest outlook on X.“In the case of long triggers, I like these two setups: Either a new local high ($98k) where we can see some LTF liquidations after a reclaim of the previous range highs (upper yellow line), or from much lower from the 1D50EMA retest if it's successful,” he wrote.BTC/USDT 4-hour chart. Source: CrypNuevo/XFellow trader Daan Crypto Trades eyed a new “gap” to the upside on CME Group’s Bitcoin futures markets as a potential price magnet.“These gaps have generally been getting closed within 1-3 days recently so it can be useful to keep an eye on it,” part of an X post read, with the gap at $97,000.BTC/USDT 15-minute chart. Source: Daan Crypto Trades/XZooming out, however, popular trader and analyst Rekt Capital focused on downside support at $93,500 — Bitcoin’s yearly open.“Bitcoin has rejected from the Lower High resistance (black diagonal),” he explained alongside an accompanying weekly BTC/USD chart.“Going forward, Bitcoin will need to hold the $93.5k Range Low to fully confirm a reclaim of the Range.”BTC/USD 1-week chart. Source: Rekt Capital/XSeparate analysis suggested that Bitcoin could form a series of higher highs with rejections and support retests at key price points, ultimately breaking out to new all-time highs.#BTCBitcoin Price Discovery RoadmapBitcoin is trying to finalise its First Price Discovery Correction (green) to transition into its Second Price Discovery Uptrend (red)(Prices and time horizons are not to scale)$BTC #Crypto #Bitcoin https://t.co/yfY3h60Ywy pic.twitter.com/yahXUIpVkY— Rekt Capital (@rektcapital) April 30, 2025FOMC week puts spotlight on FedIn contrast to last week, the coming days are dominated by one macroeconomic event in particular: the Federal Reserve decision on interest rates.The May 7 meeting of the Federal Open Market Committee (FOMC) is being closely watched by traders in crypto and beyond.The circumstances surrounding the meeting are unusual — the Fed remains hawkish on the economy, seeking to hold rates steady in the face of rising economic risks and talk of recession. The ongoing US trade war has added to concerns that inflationary pressures may return, bolstering the Fed’s stance.Despite this, US President Donald Trump has been vocal about the need for rates to come down, personally singling out Fed Chair Jerome Powell on social media on several occasions.What happens at the meeting will thus form a clear signal over what traders can expect further into the year.
Bitcoin (BTC) starts the first full week of May with yearly open support in focus ahead of a key US economic policy decision.
BTC price action attempts to hold the yearly open as support after some downside at the weekly close, but bullish perspectives remain intact.
The US Federal Reserve interest rate decision is the key macro event of the week, with Chair Jerome Powell tipped to “move markets.”
Jobless claims and Coinbase earnings add to a mixed bag of potential volatility triggers as recession talk gets louder.
Bitcoin dominance hits 65% for the first time in over four years, but analysis thinks its days are numbered.
Bitcoin “FOMO” is still waiting in the wings as sentiment flips positive.
Bitcoin traders stay bullish with $93,500 intact
Bitcoin saw some sell pressure into the May 4 weekly close, reaching lows of $93,350 on Bitstamp before rebounding, data from Cointelegraph Markets Pro and TradingView shows.
Liquidity had built up close to the spot price, both up and down, with bids getting partially filled due to the dip.
Now, the latest data from monitoring resource CoinGlass shows the largest nearby cluster of ask liquidity at $96,420.
Popular trader CrypNuevo outlined a potential short-term bull case in his latest outlook on X.
“In the case of long triggers, I like these two setups: Either a new local high ($98k) where we can see some LTF liquidations after a reclaim of the previous range highs (upper yellow line), or from much lower from the 1D50EMA retest if it's successful,” he wrote.
Fellow trader Daan Crypto Trades eyed a new “gap” to the upside on CME Group’s Bitcoin futures markets as a potential price magnet.
“These gaps have generally been getting closed within 1-3 days recently so it can be useful to keep an eye on it,” part of an X post read, with the gap at $97,000.
Zooming out, however, popular trader and analyst Rekt Capital focused on downside support at $93,500 — Bitcoin’s yearly open.
“Bitcoin has rejected from the Lower High resistance (black diagonal),” he explained alongside an accompanying weekly BTC/USD chart.
“Going forward, Bitcoin will need to hold the $93.5k Range Low to fully confirm a reclaim of the Range.”
Separate analysis suggested that Bitcoin could form a series of higher highs with rejections and support retests at key price points, ultimately breaking out to new all-time highs.
#BTC
Bitcoin Price Discovery Roadmap
Bitcoin is trying to finalise its First Price Discovery Correction (green) to transition into its Second Price Discovery Uptrend (red)
(Prices and time horizons are not to scale)$BTC #Crypto #Bitcoin https://t.co/yfY3h60Ywy pic.twitter.com/yahXUIpVkY— Rekt Capital (@rektcapital) April 30, 2025
FOMC week puts spotlight on Fed
In contrast to last week, the coming days are dominated by one macroeconomic event in particular: the Federal Reserve decision on interest rates.
The May 7 meeting of the Federal Open Market Committee (FOMC) is being closely watched by traders in crypto and beyond.
The circumstances surrounding the meeting are unusual — the Fed remains hawkish on the economy, seeking to hold rates steady in the face of rising economic risks and talk of recession. The ongoing US trade war has added to concerns that inflationary pressures may return, bolstering the Fed’s stance.
Despite this, US President Donald Trump has been vocal about the need for rates to come down, personally singling out Fed Chair Jerome Powell on social media on several occasions.
What happens at the meeting will thus form a clear signal over what traders can expect further into the year.
