Bitcoin and other cryptocurrencies faced a downturn due to speculations surrounding an upcoming meeting by the Federal Reserve.

While investors deliberated on the implications of the meeting, concerns about potential interest rate hikes caused some unease, leading to a selling spree. Bitcoin initially dropped to $61,928 but later recovered to $62,387.

The Federal Reserve is scheduled to announce its intended interest rate on May 1st. Although it's likely to remain unchanged, rumors abound, creating uncertainty, especially in the cryptocurrency market.

The US will also disclose the unemployment rate on May 3rd, which will signal the economic climate and influence the Federal Reserve's future strategies.

Bitcoin has surged by over 47%, reaching $74,000. Despite the looming Federal Reserve meeting, there's speculation that Bitcoin will maintain this level. However, various factors affect Bitcoin's price, including the Federal Reserve's interest rate decisions, which could deter investors from alternative assets.

According to a crypto analyst at Rekt Capital, Bitcoin's current trading position suggests potential for a rebound.

Giovani Santostasi, associated with Bitcoin, predicts that Bitcoin will peak by the end of 2025, reaching $218,875.

Despite fluctuations, Bitcoin may find support around $61,200, with the possibility of climbing further to $64,000 and beyond.

In a notable development, Ash Crypto, a crypto influencer, suggests that Ethereum's momentum could prompt a capital shift from Bitcoin to Ethereum.