Bitcoin (BTC) began the first week of May with a bearish outlook after closing April in a Doji candlestick. With cash flowing into performing altcoins, particularly meme coins, Bitcoin bulls are facing a challenging time ahead. However, there are high-impact news events this week that could be a catalyst for Bitcoin's bullish sentiment, including the FOMC statement expected on Wednesday.

The recent downfall of First Republic Bank, following the collapse of three regional banks in the United States, has caused fears of more bank runs. Bitcoin and other digital assets that offer deflationary aspects are expected to benefit significantly from this situation.