Bitcoin (BTC) Price Up 0.21% in 24 Hours as Market Awaits the US Fed's Policy Decision

Jakarta, Pintu News – Recently, crypto pioneer Charlie Shrem has unveiled a modern-day homage to one of the most iconic pieces in Bitcoin history – the faucet.

On May 4, Shrem shared his new project called 21million.com, which visually mimics the original Bitcoin faucet created by Gavin Andresen in 2010.

The original site once gave away as much as 19,700 BTC, now worth more than $1.86 billion, just by asking users to complete a CAPTCHA puzzle.

However, Shrem’s faucet is not currently active and displays the caption “0 Bitcoin available to claim”. The project aims to raise awareness of cryptocurrencies as well as to an essence of community spirit that was once the fabric of Bitcoin adoption.

The website includes a CAPTCHA field and a Bitcoin address input box, offering users a nostalgic glimpse into a time when BTC was an experiment, not a trillion-dollar asset class.

Then, how will the Bitcoin price move today?

Bitcoin Price Up 0.21% in 24 Hours

On Saturday, May 6, Bitcoin (BTC) was trading at $94,244, or approximately IDR 1,558,879,249, showing a slight increase of 0.21% over the last 24 hours.

Within that time frame, BTC reached a high of IDR 1,570,055,748 and dipped to a low of IDR 1,548,901,968.

According to CoinMarketCap, Bitcoin’s market capitalization is currently around $1.87 trillion, with trading volume in the last 24 hours also increasing by 29% to $24.36 billion.

Read also: 3 Massive Crypto Airdrops You Should Be Hunting This May!

At the time of writing, Bitcoin is showing signs of consolidation after a strong rally during April. The largest cryptocurrency is currently being traded at around $94,244, showing an uptick of 0.21% in the last 24 hours.

Traders are now awaiting the outcome of the US Federal Reserve’s policy meeting, which is set for Sunday, May 7.

According to CME’s FedWatch prediction tool, there is a 97.2% chance that the rates will remain in the range of 425-450 basis points. A dovish stance from the Fed could further bullish sentiment and push Bitcoin prices to break the eagerly anticipated $100,000 mark.

On the other hand, the US Dollar Index (DXY) has seen considerable weakness, decreasing by nearly 11% over the last 100 days. If the DXY experiences further weakness, it could be an additional advantage for Bitcoin.

Another factor that bodes well for Bitcoin is the growing interest from large institutions. Since late March, the spot Bitcoin ETF has seen net inflows of over $4 billion.

Furthermore, MicroStrategy’s purchase of 25,370 BTC in April, valued at approximately $2.44 billion, showcases institutional investors’ substantial confidence in Bitcoin.

BTC Price Outlook

On Bitcoin’s daily chart (5/5/25), the RSI indicator has cooled down to 61 after briefly breaching the critical limit of 70—a level that has historically been followed by price spikes of 40% to 70%.

This correction could be an opportunity for investors to accumulate more of the cryptocurrency before the price breaks the six-digit mark.

The Bollinger Bands indicator shows the price approaching the upper band, but no breakout has occurred, indicating a consolidation phase with bullish tendencies. Potential support areas are around $92,200 and $88,000, with an important level to maintain at $85,400.

Meanwhile, crypto analyst Ali Martinez has identified a sell signal from the TD Sequential indicator on the 3-day chart, warning that failure to defend the $95,000 level could open up near-term downside risks.

However, the MACD indicator still shows a bullish crossover, albeit with momentum starting to weaken—suggesting a possibility of a short-term retracement in the near future.

That’s the latest information about crypto. Follow us on Google News to stay up-to-date on the world of crypto and blockchain technology.

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