Bitcoin (BTC) remained close to its two-month low at the start of May 1 as investors prepared for the next macro move in the United States. BTC experienced volatile price action, reaching new lows of $56,500 on Bitstamp. Traders were cautious across all risk assets ahead of the U.S. Federal Reserve’s interest rates announcement and Chair Jerome Powell’s subsequent press conference. Market participants hoped that Powell’s tone after the Federal Open Market Committee (FOMC) meeting would not be too hawkish. The latest data from CME Group’s FedWatch Tool indicated low expectations for positive news, with a 99% chance of the Fed maintaining current interest rates. Despite the market uncertainty, some traders believed that the worst losses for Bitcoin and altcoins were already priced in. Bitcoin traders were closely watching key price levels as the market experienced a typical retrace in a bull market. Some analysts even compared Bitcoin’s potential future performance to that of gold. This article does not provide investment advice, and readers are advised to conduct their own research before making any decisions.
The Significance of Bitcoin's Rebound at $57K: Unveiling the Reasons behind These Critical Levels