After a sharp collapse over the weekend from nearly $97k to $94.1k, Bitcoin (BTC) price today trades at $94,024.0 on 11 AM.

Bitcoin (BTC) price today is up -1.52% and trades at $94,024.0. In the past 24 hours, BTC price showed a daily high of $95,742.0 on May 5.

*bitcoin price updated as of 11 AM.

Despite Trump’s trade war and building macroeconomic pressure, the BTC trades at $94,024.0 after bouncing 1.38% in the early Asian session. The optimism can be attributed to massive spot Bitcoin ETF inflows that have crossed the $4.87 billion mark in the past two weeks.

Furthermore, US Treasury Secretary Scott Bessent highlighted the impact of tariffs on gold and how BTC is increasingly becoming a “Store of Value.”

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 -1.52% and trades at $94,024.0.

*bitcoin price updated as of 11 AM.

Despite Trump’s trade war and building macroeconomic pressure, the BTC trades at $94,024.0 after bouncing 1.38% in the early Asian session. The optimism can be attributed to massive spot Bitcoin ETF inflow in the past two weeks.

This price-related optimism is further highlighted by the $4.87k 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.”

This optimistic outlook is crucial for traders and investors as it can be used to effectively analyze the trends in Bitcoin price and make informed trading decisions.

Bitcoin’s Market Capitalization

Bitcoin’s market cap hovers around $1,867.4 billion with trading volume hitting the $19.6 billion mark. With such a strong market and trading volume, the outlook for BTC remains optimistic as noted by the price and fundamentals above.

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.