The U.S. equity markets opened on a tentative note on May 2 but a minor positive is that the crypto markets led by Bitcoin (BTC) are holding above their immediate support levels. The price action over the next few days will be dictated by the outcome of the Federal Open Markets Committee (FOMC) on May 4.
If the Fed springs a negative surprise, the markets could react with a knee-jerk reaction to the downside. On the other hand, if the policy meets market expectations, the equity and crypto markets could attempt a recovery.
Daily cryptocurrency market performance. Source: Coin360
If history were to repeat itself, Bitcoin could witness a large move in the month of May. According to data from on-chain analytics platform Coinglass, Bitcoin rose more than