As of May 7, Bitcoin has surged to $97,000, reflecting growing bullish conviction as markets digest the FOMC’s hold on rates. On-chain data reveal a significant cluster of long futures positions around $94,400, which propelled BTC from $94,500 to $97,500 in late April. Technical indicators, including a rising ADX above 25, signal that the uptrend is gaining traction, with key resistance at the Ichimoku cloud now in sight. A neutral Fed outcome is unlikely to derail momentum, as liquidity remains ample and investors eye a breakout toward $100,000.
