The dominance of Bitcoin surges ahead of the FOMC meeting as volatility looms
Bitcoin price on May 7, 2025: Trading around $96,826, up 2.84% for the day📈 Market dynamics
Bitcoin (BTC) continues its strong upward trend, reaching a daily high of $97,513 before slightly adjusting to $96,826 at the end of the trading session. This is an impressive increase, reflecting positive investor sentiment ahead of the Federal Open Market Committee (FOMC) meeting on May 7. BTC traded within the range of $93,587 – $97,513 during the day.
Impact from the FOMC meeting
The market is awaiting the interest rate decision from the U.S. Federal Reserve (Fed), with expectations that rates will remain unchanged at 4.25%–4.50%. However, Fed Chair Jerome Powell's speech after the meeting could significantly impact the cryptocurrency market, depending on his outlook on monetary policy going forward.
Technical analysis
Technical analysts note that BTC is trading near a key resistance level in the range of $95,800 – $97,400. If this level is breached, the price could aim for the $100,000 mark. Conversely, if it fails to hold support at $91,800 – $92,500, BTC may correct further.
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