Bitcoin Price Is Up 0.56% Today as US Treasury Secretary Says BTC’s Becoming Store of Value

Short-term Correction Likely for BTC Price

A closer look at the daily chart shows rejection from the $97.1k to $98.1k supply zone, leading to a 4.50% correction in BTC price. Still, all is not lost as Bitcoin (BTC) hovers in the larger value area, extending from $93k to $102.5k. This area is where 70% of the volume was traded as BTC consolidated between November 2024 and February 2025. Hence, a correction in BTC price that leads to a retest of the lower limit of this zone at $93k will be a good place to buy the dips.

Interested investors need to look for reaction around $93k and are not advised to buy blindly. A stable support formation here due to demand from bulls could propel Bitcoin price up by 10% to $102.5k.

On the other hand, a breakdown of $93k could lead to rotation back to the next value area that stretches from $81k to $88.4k. This area was formed as BTC price ranged between late February and mid-April 2025.

A higher low formation in this zone could be the best place to accumulate dips. But will Bitcoin crash or rally from here?

Key Events That Could Affect Bitcoin Price

This week is packed with macroeconomic events. On May 7, the FOMC meeting will provide interest rate decision and this will be followed by Fed Chairman Jerome Powell’s speech. Followed by this, investors will be closely watching the US Jobless Claims on May 8.

All of these events and potential comments from Trump on the tariff landscape, as well as the Russia-Ukraine and India-Pakistan wars, could impact the price of BTC and derail the current outlook. Hence, investors are advised to pay attention to these macroeconomic and geopolitical moves.