Bitcoin price sweeps lows, but analysis still predicts a $25K dive

Bitcoin (BTC) fought for $28,000 enactment connected May 2 aft the period opened to multi-day lows.

BTC/USD 1-hour candle illustration (Bitstamp). Source: TradingView

BTC price: "Big volatility connected the horizon"

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD arsenic it returned to the $28,000 people connected Bitstamp.

The erstwhile day’s Wall Street unfastened had brought the latest question of downside volatility, with the brace dipping beneath $27,700.

This followed a limb little instantly aft the play and monthly close, with $30,000 and upward feeling progressively out of reach.

Market participants’ BTC terms targets reflected the mood. Michaël van de Poppe, laminitis and CEO of trading steadfast Eight, argued that a rematch with some $25,000 and $30,000 was inactive connected the table.

“Nothing is for certain, but expanse done connected Bitcoin,” helium told Twitter followers astir the latest lows.

“Breaking done $28.4K and we could beryllium backmost to $30K successful a fewer days. Not breaking and folding coming days, $25K next. Big volatility connected the horizon.”

BTC/USD annotated chart. Source: Michaël van de Poppe/Twitter

Referring to the May 3 Federal Reserve determination connected involvement complaint policy, a further station described Bitcoin arsenic being “in sideways territory, wherever bears and bulls person arguments for some biases.”

“Lots of fearfulness going into the lawsuit of the FED tomorrow, astir apt unwarranted, but we'll see. Expecting somewhat deeper,” Van de Poppe added.

Bank stocks compression fails to animate crypto

In presumption of the Fed lawsuit itself, small was near to the imagination, with marketplace sentiment beyond crypto pricing successful an astir guaranteed 0.25% complaint hike.

Related: Second-biggest US slope nonaccomplishment — 5 things to cognize successful Bitcoin this week

The likelihood arsenic of May 2, according to CME Group's FedWatch Tool, stood astatine 97.4%.

This would transcript the Fed’s March decision, which, similar now, was accompanied by occupation successful the United States banking sector.

May 1 saw aggregate section lenders shed worth successful an situation powerfully reminiscent of six weeks prior. Unlike then, however, Bitcoin appeared successful nary temper to capitalize connected the fallout.

— The Kobeissi Letter (@KobeissiLetter) May 1, 2023

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