In light of the lack of new drivers, predictions for the Bitcoin market in the approaching week.
On the 4th of May, ol' Bitcoins merely kickin' it around the $95k mark—a 1.5% bump since the end of the week. A sharp-eyed analyst has inspected the volatile crypto market and foreshadowed potential price movements for the digital coin within the ensuing seven days.
BTC/USD OKX - rbc.group ## "The market's stuck in neutral"
Vladislav Antonov from BitRiver Financial Analysis
April 28 to May 3 was a rollercoaster: ol' Bitcoin bouncin' between $92,800 and $97,895, ultimately settlin' at about $96k, gainin' 2.37%. At the beginning, ol' Bitcoin tried to bust through the $95,500 resistance, but that resistent ol' imposter stood strong three times. The faithful $92,800 support line was validated the next day.
On the 30th of April, ol' Bitcoin slid to $94,172, mirroring the US's GDP contraction by 0.3%, the first one since 2022, which was much worse than expectations. Ol' Bitcoin followed the S&P 500 index's lead, as expected.
On the 1st of May, ol' Bitcoin broke ol' $95,500 and reached $97,424. Technically, the signs pointed to possible upward spikes goin' all the way up to $100k. On the 2nd of May, ol' Bitcoin hit $97,895, but growth slowed down towards the end of the week. On the 3rd, the BTC cash got pocketed and replaced with a $96,000 stack.
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Key happenings this week:
- The US GDP shrank by 0.3% in the first quarter of the year, contrary to the projected 0.4% growth, sparkin' fear of an economic downturn.
- There were 177,000 new jobs added in April, but March and February's numbers were revised to show a reduction of 58,000 jobs.
- The PCE index grew to 3.6%, climbin' from 2.4% in the previous quarter, escalatin' stagflation risks.
- Major banks, like Morgan Stanley and Charles Schwab, announced their foray into crypto trading. They're aimin' to launch bitcoin ETFs by year's end.
- Donald Trump was optimistic about potential trade agreements with China, India, South Korea, and Japan.
- The yield on 2-year US government bonds fell to 3.7%, 70 basis points beneath the Fed's main rate, hintin' at a possible rate decrease.
- Scott Bessent, the US Treasury Secretary, underscored that the bond market is sendin' a clear signal for monetary policy easin'.
Accordin' to BitRiver analysts, the technical chart favors buyers, anticipatin' possible jumps to the psychological level of $100k. Key support levels are $95,500 and $93,550. If the former gets bypassed, there could be a fall to $91,300.
For ol' Bitcoin to keep risin', new fuel's needed. So the future trends might significantly depend on upcoming economic data and central banks' decision-makin'.
Upcoming significant events this week that could potentially reshape the market include:
- May 5th - Release of S&P Global Services and Composite PMIs for April.
- May 7th - FOMC meeting, where an interest rate decision is expected. The rate may stay at 4.50%, but FOMC members' comments might offer additional insights about future policy.
- May 9th - Speeches by various FOMC members, includin' K. Waller and the Fed's vice-chair for supervision, Barr.
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Relevant Analysis Excerpt:
- Based on the latest search results, Antonov didn't specifically share his 7-day Bitcoin price prediction for the next seven days. However, an earlier analysis from April 20, 2025, presented a neutral-negative outlook for Bitcoin, suggesting potential scenarios[1]:
- Range-bound movement: Bitcoin might hover between $80,000 and $90,000 if current trends persist.
- Downside risk: New economic shocks or geopolitical conflicts could drag Bitcoin down to $74,000–$76,000.
- Upside potential: A strong positive catalyst, like institutional investment influx or Fed policy cushioning, could inject upward energy into Bitcoin.
Technical indicators reveal a growin' bearish sentiment, like an oncoming "bear flag" pattern, that often precedes downturns. Ethereum’s recent slump (tradin' between $1,539–$1,690), and the Altcoin Season Index at 17/100 underscore the overall crypto market's fragility[1].
For a precise 7-day forecast from Antonov, more up-to-date information from BitRiver is needed. The analysis warns about elevated short-term volatility risks.
- In light of the forecasted price movements for Bitcoin within the next seven days by a sharp-eyed analyst, cryptocurrency investors may want to carefully consider their investment strategies, as the market's current neutral state could potentially lead to significant fluctuations.
- The BTC/USD market could see a possible retreat back towards the support level of $95,500 if the upward spikes predicted by technical signs do not materialize, which could suggest a potential recession in the finance sector or a wider technological area.
- Vladislav Antonov, an analyst from BitRiver Financial Analysis, identified key support levels for Bitcoin at $95,500 and $93,550, should the market experience a downturn. If the $95,500 support level is breached, a fall to $91,300 could occur, signaling a more pronounced retreat.
- The upcoming release of S&P Global Services and Composite PMIs for April on May 5th, the FOMC meeting on May 7th, and speeches by various FOMC members, including K. Waller and the Fed's vice-chair for supervision, Barr, are significant events that could potentially shape the cryptocurrency market in the coming days. These events may provide critical insights into economic conditions, influencing Bitcoin's price movement and overall market trends.
