Charlie Shrem has launched a Bitcoin faucet as traders eye the May 7 Fed meeting, betting on a rate hold that could unlock Bitcoin’s path to $100K.
By Parth Dubey
Editor Julia Sakovich
Updated
3 mins read
Crypto pioneer Charlie Shrem has launched a modern-day tribute to one of the most iconic parts of Bitcoin history — the faucet. On May 4, Shrem shared his new project 21million.com, which visually replicates the original Bitcoin faucet created by Gavin Andresen in 2010.
The original site gave away 19,700 BTC BTC $96 611 24h volatility: 2.1% Market cap: $1.92 T Vol. 24h: $29.09 B , now worth over $1.86 billion, for simply solving CAPTCHA puzzles.
Notably, Shrem’s faucet isn’t operational yet and currently displays “0 Bitcoin available to claim”. It aims to spread awareness around cryptocurrency and expand the community spirit that once defined Bitcoin adoption.
Working on getting the bitcoin faucet going again at https://t.co/mHkgSR6H41
— Charlie Shrem (@CharlieShrem) May 4, 2025
The website comes with a CAPTCHA field and a Bitcoin address input box, offering users a nostalgic look back at a time when BTC was an experiment rather than a trillion-dollar asset class.
Bitcoin is showing signs of consolidation after a strong April rally. At the time of writing, the largest cryptocurrency was trading around $94,597, down by 1.5% over the past 24 hours.
Traders are keeping an eye on the US Federal Reserve’s policy meeting scheduled for May 7. CME’s FedWatch Tool puts the odds at 97.2% for a rate hold in the 425-450 bps range. A gentle stance could revive bullish sentiment and potentially push Bitcoin past the highly anticipated $100,000 mark.
Meanwhile, the US Dollar Index (DXY) has weakened considerably, down nearly 11% in the last 100 days. Any further downside could serve as a tailwind for the cryptocurrency.
Adding to the bullish case is strong institutional appetite. Spot Bitcoin ETFs have raked in over $4 billion in net flows since late March. MicroStrategy’s April haul of 25,370 BTC, worth $2.44 billion, further solidifies big-money confidence in Bitcoin.
On the daily BTC price chart, the RSI has cooled to 61, after briefly crossing the critical 70 mark — a level that historically precedes 40%–70% surges.
This pullback may present an accumulation window for investors below six figures.
BTC price chart | Source: TradingView
Bollinger Bands show price approaching the upper band but not yet breaking out, suggesting consolidation with bullish bias. Traders could see support at $92,200 and $88,000, with a make-or-break floor at $85,400.
#Bitcoin $BTC is testing support at $95,000. If this level breaks, a pullback toward $92,000 could be next. pic.twitter.com/8nVZSkDWj1
— Ali (@ali_charts) May 4, 2025
Crypto analyst Ali Martinez has flagged a TD Sequential sell signal on the 3-day chart, warning that a failure to hold $95,000 may invite short-term downside.
BTC price chart | Source: TradingView
Meanwhile, the MACD indicator shows that bullish crossover is still in play, with weakening momentum. This hints at a potential short-term retracement in the near future.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
