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

$BTC - 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.

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 show 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.

Bitcoin bulls remain firm 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 BTC's price and noted a bullish cluster of long positions forming around $94,400 in the futures market. A similar cluster was observed in late April, which pushed BTC prices to $97,500.

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

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