Bitcoin Holds Strong at $94K — Is a Massive Bull Run Just Around the Corner? (May 6)

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 revive the community spirit that was once the basis for Bitcoin adoption.

The website comes with a CAPTCHA field and a Bitcoin address input box, giving users a nostalgic experience of a time when BTC was still considered an experiment rather than a trillion-dollar asset class.

Then, how will the Bitcoin price move today?

Bitcoin Price Up 0.21% in 24 Hours

On May 6, Bitcoin was trading at $94,244, or approximately IDR 1,558,879,249, marking a modest 0.21% increase over the past 24 hours. Within that time frame, BTC reached a high of IDR 1,570,005,748 and dipped to a low of IDR 1,548,901,968.

According to CoinMarketCap, Bitcoin’s market capitalization now stands at around $1.87 trillion, with trading volume in the last 24 hours also up 29% to $24.36 billion.

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Bullish Sentiment for Bitcoin

Bitcoin is showing signs of consolidation after a strong rally during April. At the time of writing, the largest cryptocurrency is trading around $94,244, up 0.21% in the last 24 hours.

Traders are currently awaiting the outcome of the US Federal Reserve’s policy meeting scheduled for May 7.

Based on CME’s FedWatch prediction tool, the chance of rates remaining in the range of 425-450 basis points stands at 97.2%. A dovish stance from the Fed could revive bullish sentiment and push Bitcoin prices to break the much-anticipated $100,000 mark.

On the other hand, the US Dollar Index (DXY) has seen significant weakness – down almost 11% in the last 100 days. Further weakness could be an additional breath of fresh air for Bitcoin.

Another factor that reinforces the bullish outlook is the growing interest from large institutions. Since late March, the spot Bitcoin ETF has recorded net inflows of over $4 billion.

MicroStrategy’s purchase of 25,370 BTC in April, valued at approximately $2.44 billion, further demonstrates institutional investors’ strong 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%.

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This correction could be an accumulation opportunity for investors 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 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 – hinting at a possible short-term retracement in the near term.

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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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• Coinspeaker. Return of Bitcoin Faucets? Adoption Can Push BTC Price to $100K. Accessed on May 6, 2025