After briefly breaching $97,000, Bitcoin has slipped to around $94,000, retreating from the $98,000 resistance zone as traders brace for potential volatility tied to upcoming macroeconomic announcements.
Analysts link the pullback to rising uncertainty in the broader economy and anticipation surrounding the U.S. Federal Reserve’s next interest rate move, set to be announced on May 7. Though markets widely expect the Fed to hold rates steady, investors are watching closely for signals about the path of future monetary policy.
Despite the recent dip, on-chain data shows continued demand—Bitcoin ETFs brought in $1.81 billion in net inflows last week, highlighting persistent institutional interest even amid price fluctuations.
Technical observers are now focused on two crucial support levels. FxPro’s Alex Kuptsikevich told CoinDesk that $92,500 and $89,000 could serve as near-term floors if the decline continues.
He also warned that falling below the $90,000 threshold could trigger more significant technical damage, including a drop under the 200-day moving average.
For now, Bitcoin remains caught between bullish inflows and a cautious macro outlook, with the next moves likely to be shaped by the Fed’s tone and Jerome Powell’s post-meeting remarks.
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