Bitcoin (BTC) Price Drops 2.50% as Market Participants Await Fed Interest Rate Decision

Bitcoin price came under significant pressure on May 5, with the trading value slipping to around $93,000. This decline marks a continuation of the correction trend that has been in place since hitting a 10-week high.

As of May 5, 2025, Bitcoin (BTC) was trading at $93,633, which is equivalent to approximately IDR 1,551,872,559, showing a decrease of 2.50% over the past 24 hours. Throughout the day, BTC reached a high of IDR 1,593,318,382 and dipped to a low of IDR 1,551,872,559.

According to CoinMarketCap, Bitcoin’s market capitalization now stands at around $1.86 trillion, with trading volume in the last 24 hours also up 29% to $$19.81 billion.

Bitcoin price drops 2.50% in 24 hours

actualidad.economic - Bitcoin price today, Sunday (5/5), decreased again. The digital currency price slipped to the $93,000 level, continuing the correction trend after hitting a 10-week high.

This decline triggered a wave of liquidation in the derivatives market, reflecting the increasing tension among traders ahead of the interest rate decision by the Federal Reserve.

Then, how will the Bitcoin price move today?

Bitcoin Price Drops 2.50% in 24 Hours

As of 7:00 AM Jakarta time, Bitcoin (BTC) was trading at $93,633, showing a decrease of 2.50% over the past 24 hours. Throughout the day, BTC reached a high of $99,990 and dipped to a low of $91,500.

According to CoinMarketCap, Bitcoin’s market capitalization now stands at around $1.74 trillion, with trading volume in the last 24 hours also up 29% to $$19.81 billion.

BTC Price Liquidation Increases After Hitting a 10-Week High

Data from Cointelegraph Markets Pro and TradingView (4/5/24) shows that the BTC/USD pair has declined from the highest level in recent months, which is around the opening price on May 1.

When it hits areas of concentrated liquidity around the current market price, Bitcoin creates the potential for volatility as traders discuss key levels.

“Clusters of large long positions are in the range of 95.7K to 96K, while large short positions are at 96.5K to 97K – right around the current price (~96.2K), ” wrote popular trader TheKingfisher in his analysis on the X platform.

“They are price magnets. Expect volatile moves when these levels are tested.”

The latest data from CoinGlass shows that prices are colliding with buying liquidity, with the majority of bids concentrated around $97,200.

In the past week, there have been several liquidity “drawdowns”, and some analysts predict that this pattern could continue, especially as the price approaches the psychological $100,000 level.

“Positions from $94K to $97K were swept over the weekend,” summarized the BitBull trader.

Meanwhile, crypto analyst and entrepreneur Michaël van de Poppe thinks that BTC/USD still has room to test support levels again without having to undo the latest recovery trend.

“I’d rather see BTC stay above $91,500-92,000,” he told his followers on X.

“That would confirm the continuation of the trend towards a new all-time high (ATH), as the previous support zone again serves as support.”

Bitcoin price drop expected ahead of Fed rate decision

As the new week approaches, expectations of increased market volatility are high as the US Federal Reserve is set to make a decision on interest rates.

As reported by the Cointelegraph website, market sentiment was in a sensitive situation ahead of the announcement.

With several economists and officials warning of a looming recession, former President Donald Trump has also applied pressure on the Fed to cut interest rates.

However, the latest data from CME Group’s FedWatch Tool shows that the chances of a rate cut on May 7 are very slim.

“Keep in mind that crypto and altcoin markets tend to correct in the week before the Fed meeting,” commented analyst Van de Poppe.

“I expect this correction to end around Tuesday, after which prices will start rising again.”