#BTCPrediction

The Bitcoin Bulls

BTC

85,196 €

remain 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. pointed out the strength of the BTC price and noted 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 drove BTC prices to $97,500.

Similarly, the open interest (OI) of Bitcoin futures exhibited a rapid increase of 2,000 BTC, approximately $189 million, in the last hours. An increase in OI and a 15% rise in aggregate volume imply constant buying pressure despite the price drop.

The aggregate funding rate remains close to neutral, indicating a balanced sentiment between longs and shorts over the last eight hours. However, funding rates have fluctuated, with brief spikes at 0.018% on May 6, suggesting periodic optimism among leveraged traders.