Bitcoin begins May focusing on support around its yearly open, while drawing attention to key macroeconomic events, notably the US Federal Reserve's interest rate decision on May 7. Although Bitcoin's price fluctuated close to $93,500, traders remain optimistic, anticipating bullish movements in the near term. The Fed's stance on interest rates has been hawkish, amidst rising recession concerns and a strong US labor market. In the crypto space, Bitcoin's market dominance surged to 65%, igniting speculation of a potential altcoin rally while analysts caution about a possible retracement. Key upcoming events, such as jobless claims and Coinbase's earnings report, are likely to create market volatility as recession fears grow. Notably, Bitcoin sentiment is shifting positively, signifying an increase in fear of missing out (FOMO) as traders anticipate further price increases. The article encapsulates a critical period for Bitcoin amid macroeconomic uncertainties and heightened market interest.

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