Bitcoin is under pressure before the Fed decision, since important level of support becomes visible

After Bitcoin briefly exceeded the $ 97,000 mark, it fell to around $ 94,000 and has thus withdrawn from the resistance brand of $ 98,000, since the dealers adapted to possible volatility in connection with upcoming macroeconomic announcements.

Analysts attribute the decline to the increasing uncertainty in the overall economy and the expectations regarding the next interest decision by the US Federal Reserve, which is to be announced on May 7. Although the markets generally assume that the Fed will leave interest rates unchanged, investors observe whether there are indications of the future course of monetary policy.

Despite the latest decline, on-chain data show a continued demand-Bitcoin ETFs recorded net inflows of $ 1,81 billion last week, which underlines the persistent interest of institutional investors despite the price fluctuations.

Technical observers are now focusing on two important levels of support. Alex Kuptsikevich von FXPRO told Coindesk that $ 92,500 and $ 89,000 could serve as short -term lower limits should the decline.

He also warned that a case under the $ 90,000 mark could lead to greater technical damage, including a decline under the sliding 200-day average.

For the time being, Bitcoin remains trapped between bullish tributaries and a cautious macroeconomic view, whereby the next steps will probably be shaped by the attitude of the Fed and the statements by Jerome Powell after the session.