Bitcoin’s price consolidation after surpassing $96,000 is a sign of a cooldown after an overheated market, and might even face a correction to $92,000.
Bitcoin BTC $119 273 24h volatility: 2.4% Market cap: $2.37 T Vol. 24h: $36.60 B is facing consolidation below the $95,000 mark while its market dominance has been consistently increasing.
The largest cryptocurrency is currently trading at $94,450. The BTC price chart shows a consistent decline between May 2 and 5. This is usually a sign of an overheated market.
According to data from CoinMarketCap, Bitcoin’s price fall came while its market dominance increased by 1.9%, reaching 63.9% — a level last seen in early January 2021.
This movement could suggest that altcoins have been falling deeper than Bitcoin, hinting at lower price volatility for the leading asset.
CMC data shows that the global crypto market cap fell 0.5% to $2.94 trillion. The total daily trading volume, on the other hand, rose almost 15% to $63.4 billion.
Further Correction?
The US-based spot BTC exchange-traded funds started their third consecutive week with strong inflows.
According to data from SoSoValue, spot BTC ETFs recorded a net inflow of $425.5 million on May 5. The inflows solely came from BlackRock’s IBIT fund, worth $531.2 million.
Five of the 12 BTC ETFs — FBTC, GBTC, ARKB, BITB and EZBC — recorded over $105 million in outflows.
Ethereum-based ETH $4 251 24h volatility: 0.3% Market cap: $513.44 B Vol. 24h: $27.02 B investment products remained neutral despite a trading volume of $113 million on May 5.
Macro and crypto analyst Jason Pizzino’s analysis of the Bitcoin price movements suggests a further correction to $92,000.
Bitcoin $92,000 support and local top signal lining up for the bears.
🔴 Detailed analysis in today's video here 👇https://t.co/FM0HuWTpCQ pic.twitter.com/AfhwW8Q2SA
— Jason Pizzino 🌞 (@jasonpizzino) May 6, 2025
Pizzino wrote in an X post on May 6 that Bitcoin is signalling a local top. If BTC falls below $92,000, the next target would be below the psychological $90,000 mark.
On the other hand, a rise above $96,000 could suggest breaking the $100,000 barrier.
At this point, Bitcoin needs both macro and micro catalysts to gain bullish momentum. Otherwise, a price correction will likely shake the crypto market again.
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