Bitcoin (BTC) price opened the first week of May with a bearish outlook. Having closed April in a Doji candlestick, Bitcoin bulls face a challenging time ahead as cash flows to performing altcoins, especially the meme coin industry. Nevertheless, there are several key messages this week that could be a catalyst for Bitcoin’s bullish sentiment. Among them is the FOMC statement expected on Wednesday.
Meanwhile, the collapse of First Republic Bank following the collapse of three regional banks in the United States has raised fears of more bank runs. As a result, Bitcoin and other digital assets with deflationary aspects are expected to benefit significantly.
Bitcoin price analysis
On the weekly time frame, Bitcoin price forms a possible head-and-shoulders pattern that usually culminates in a sell-off. In addition, the weekly RSI shows a bearish divergence on a triple top. According to respected cryptocurrency trader Michael van de Poppe, $27,800 and $28,300 are the crucial Bitcoin ranges for bullish traders to track.
Altcoins season
The Bitcoin price has struggled to break above $30,000 in the recent past as more money comes into the meme coin industry. Popular meme coins including Wojak (WOJAK) and Pepe (PEPE) have made huge gains in recent days. For example, the price of WOJAK was up more than 130 percent in the past 24 hours and was trading around $0.00033392. Similarly, the Pepe coin surged more than 120 percent in the past 24 hours to trade around $0.00000136 on Monday.
As a result, most crypto analysts are significantly convinced that the altcoin season has begun and more gains could be recorded in the low cap in the coming weeks, fueled by FOMO traders.