Bitcoin Price Is Up 0.56% Today as US Treasury Secretary Says BTC’s Becoming Store of Value
After a sharp collapse over the weekend from nearly $97k to $94.1k, Bitcoin (BTC) price today trades at No data found for bitcoin on 6 minutes ago on No data found for bitcoin on 6 minutes ago. In the past 24 hours, BTC is up No data found for bitcoin on 6 minutes ago% with a daily high of No data found for bitcoin on 6 minutes ago on May 5.
This price-related optimism is further highlighted by the $4.87 spot Bitcoin ETF inflow in the past two weeks. Additionally, US Treasury Secretary Scott Besant added the impact of tariffs on gold and how BTC is increasingly becoming a “Store of Value.”
JUST IN: US Treasury Secretary Scott Bessent said “Bitcoin is becoming a store of value”. pic.twitter.com/VLpfv3S6ot
— Bitcoin Magazine (@BitcoinMagazine) April 4, 2025
Bitcoin Price Today: Why is BTC up?
Over the weekend, Bitcoin (BTC) dropped nearly 3% from $97k to $94.1k. This rejection is due to the entry of BTC into a key supply zone. Despite this recent setback, Bitcoin price today is up No data found for bitcoin on 6 minutes ago% and trades at No data found for bitcoin on 6 minutes ago.
*bitcoin price updated as of No data found for bitcoin on 6 minutes ago.
Despite Trump’s trade war and building macroeconomic pressure, the BTC trades at No data found for bitcoin on 6 minutes ago after bouncing 1.38% in the early Asian session. The optimism can be attributed to massive spot Bitcoin ETF inflows that have crossed the $3 billion mark in the past two weeks.
What’s next for Bitcoin (BTC)? A sustained rally
Bitcoin’s Market Capitalization
Bitcoin’s market cap hovers around No data found for bitcoin on 6 minutes ago with trading volume hitting the No data found for bitcoin on 6 minutes ago mark. With such a strong market and trading volume, the outlook for BTC remains optimistic as noted by the price and fundamentals above.
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.
BTC/USDT 1-day chart
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.
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Filed under: News - @ May 5, 2025 11:20 am