Cryptocurrency Price on May 3: Bitcoin rebounds above $59,000 ahead of U.S. jobs data; Solana, Toncoin jump up to 11%

The U.S. jobs data, scheduled for release later in the day, will provide cues on the Fed's interest rate trajectory.

Shivam Thakral, CEO of BuyUcoin, said, "Bitcoin is back above $59,000 after a day of severe downside. The next important level to look for is $63,000 resistance, the breach of which can start a reversal."

Meanwhile, Rajagopal Menon, Vice President at WazirX, said, "Bitcoin saw a slight rebound on Friday but remains under key support levels amid concerns over high U.S. interest rates after the Federal Reserve meeting, transitioning it into a bear market from its March highs."

Rising by 3.76% in 24 hours to $59,766, it's down 22% from its March peak. Hindered by the absence of positive catalysts and expectations of prolonged high rates, spot ETF launches couldn't uplift market sentiment amidst these challenges, Rajagopal said.

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The volume of all stablecoins is now $67 billion, which is 94.13% of the total crypto market 24-hour volume, as per data available on CoinMarketCap.

In the last 24 hours, the market cap of Bitcoin, the world's largest cryptocurrency, rose to $1.169 trillion. Bitcoin's dominance is currently 52.74%, according to CoinMarketCap. BTC volume in the last 24 hours fell 39.8% to $29.8 billion.

"Today's U.S. unemployment data could introduce more volatility into the market," said CoinDCX Research Team.

Tech view by Sathvik Vishwanath, Co-Founder & CEO, Unocoin

Bitcoin holds steady above $57,000 despite a $37 million outflow from BlackRock's IBIT ETF, signaling shifts in sentiment. Immediate resistance lies at $61,700, with support at $56,625.

A Relative Strength Index (RSI) of 44 indicates a neutral market. Trading below the 50-day EMA of $61,500 indicates a potential bearish bias.

On the 4-hour chart, Bitcoin faces a barrier at $59,570, previously resistance. Failure to cross it could push prices down to $56,600 or below, with $55,000 acting as a critical level. Conversely, a break above $59,570 could target resistances at $61,500 and $64,650, indicating bullish sentiment. Bitcoin's market position depends on sustaining or breaking the $59,570 pivot point.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Source: Forex-Markets-Economic Times