The Bitcoin price is $59,603, up 4% over the last 24 hours. BTC began rising during the late New York trading session on May 1 after the United States Federal Reserve held interest rates at the current range of 5.25%- 5.50%.

The Federal Open Market Committee (FOMC) decision came in as predicted when it held the benchmark federal funds rate in the current range.

In a statement released on May 1, the Fed said,

"In support of its goals, the Committee decided to maintain the target range for the federal funds rate at 5.25% to 5.50%."

The Committee further dashed hopes of rate cuts later in the year, saying it "does not expect it will be appropriate to reduce the target range until it has gained greater confidence that inflation is moving sustainably toward 2%."

Bitcoin is precariously holding above the $59,000 mark, with a spike in BTC short liquidations observed in the past 24 hours. Bitcoin shorts bore the brunt of recent liquidations, with $25 million out of $33.4 million liquidated on the day.

Total crypto liquidations. Source: Coinglass

More than $106 million leveraged positions have been liquidated across the crypto market with $70.80 million of these being longs. The largest single liquidation order took place on OKX crypto exchange involving ETH/USD sway valued at $3.41 million.

Bitcoin price needs to rise above the 100 EMA to sustain the recovery

At the time of publication, the BTC price was fighting immediate resistance from the 100-day exponential moving average (EMA) at $59,882. Bulls were required to push the big crypto above this level to reduce any chances of a continued downtrend.

If this happens, the bulls will move to collect the liquidity above that toward the 50-day EMA $63,770. Higher than that, the levels to watch would be the $65,000 supplier congestion zone, the $70,000 psychological level and later the all-time high at $73,835. Such a move would represent a 24% uptick from the current price.

The position of the relative strength at 37, close to the oversold region, suggested that the bottom could be in as seller exhaustion kicks in and buyers stack up more on the dips.

However, this trend-following oscillating indicator was still in the negative region, indicating that the market conditions still favored the downside.

As such, increased selling from the current price would see the price drop first toward the two-month low at $56,455 and later to the 200-day EMA at $52,100.