#FOMCMeeting Bitcoin price catches a bid as bulls defend the $94,000 level as support and pile into margin long positions ahead of this week’s Federal Reserve interest rate decision. Data shows Bitcoin bulls opening margin long positions from $94,400.
A $189 million increase in Bitcoin futures open interest and a 15% increase in trading volume show sustained buying interest.
BTC momentum tends to slow before FOMC meetings and then turns volatile afterward. The same could happen following this week’s Federal Reserve statements.
Bitcoin
$94,922
bulls are holding strong around the $94,500 level as the market awaits the Federal Open Market Committee (FOMC) meeting on May 7. Bitcoin analyst Axel Adler Jr. noted BTC’s price strength and pointed out a bullish cluster of long positions forming around $94,400 in the futures market. A similar cluster was observed at the end of April, which pushed BTC prices to $97,500 Similarly, Bitcoin futures open interest (OI) exhibited a swift increase of 2,000 BTC, i.e., roughly $189 million, over the past few hours. A rise in OI and a 15% increase in aggregated volume imply consistent buying pressure despite the price dip#writetoearn
