#MEMEAct

Bitcoin bulls are jumping into long positions ahead of the Federal Reserve's interest rate decision on May 7.

The price of bitcoin rises as bulls defend the $94,000 level and take long positions ahead of the Federal Reserve's interest rate decision.

Key points:

Data shows that Bitcoin bulls are opening long margin positions from $94,400.

A $189 million increase in Bitcoin futures open interest and a 15% increase in trading volume indicate sustained buying interest.

BTC momentum tends to slow down before FOMC meetings and then becomes volatile afterward. The same could happen following this week's statements from the Federal Reserve.