Bitcoin $BTC Holds Steady Ahead of FOMC Decision Amid Market Caution
As of May 6, 2025, Bitcoin $BTC is trading around $94,000, showing resilience ahead of the Federal Reserve's FOMC meeting on May 7. Analyst Michaël van de Poppe suggests that BTC is nearing the end of its correction phase, potentially setting the stage for a bullish trend.
Market participants widely anticipate that the Fed will maintain current interest rates, with a 95% probability of no change. However, attention is focused on Chair Jerome Powell's commentary, as a dovish tone could boost risk assets like Bitcoin, while a hawkish stance might apply downward pressure.
Technical indicators show Bitcoin's RSI at 62, indicating potential for further gains before reaching overbought conditions. The 50-day moving average at $66,800 serves as a key support level. Analysts are monitoring the $91,500–$100,000 range, with price movements likely influenced by the Fed's upcoming decisions.