Bitcoin (BTC) market is showing mixed performance today ahead of the weekly open in the U.S. stock market.

The cryptocurrency market is showing mixed performance today ahead of the weekly open in the U.S. stock market. While Bitcoin is pushing back from weekly highs, altcoins have experienced slight declines.

With the upcoming Federal Open Market Committee (FOMC) meeting on May 6-7, the crypto market is expected to be influenced significantly afterwards, as investors are keenly focused on the Federal Reserve's decisions regarding interest rates and monetary policy.

Bitcoin Reclaims Ground

Bitcoin is showing resilience as it regains ground, with its price now hovering around $94,000. The cryptocurrency is still up about 75% year-to-date despite seeing a 1.4% decrease in the last 24 hours.

However, the world’s largest cryptocurrency is maintaining strong bullish momentum overall, with analysts suggesting potential highs between $96,000 and $98,000 in coming hours.

This surge is being attributed to refreshed weekly sentiment among institutions and anticipation around the upcoming FED meeting, which could significantly impact the crypto market.

ETH, XRP & SOL

Leading altcoins, Ethereum and XRP, are also in the spotlight as they navigate a mixed market landscape.

ETH is currently priced around $1,800, where it has sustained some stability despite a minimal 1.3% decrease. Meanwhile, SOL is trading near $144, showing a slight decrease of 0.90% today.

In contrast, XRP has dropped 2% today, with it now trading at $2.14—as per CoinMarketCap data.

Other Altcoins

Many altcoins are experiencing minor drops today, with trending coins like SUI, LTC, GORK, and AKT displaying varied performance.

The current altcoin market sentiment hints at a potential turnaround, as May is historically known for solid crypto performance, which could be influenced by the FOMC meeting and the crypto market's response to it.

The global crypto market cap is now sitting at $2.93 trillion, which is down 1.20% today, reflecting the dynamic yet volatile market landscape. The 24 hour trading volume currently sits at $58.30 billion.