Bitcoin Speculators Target $94.5K Ahead of FOMC Meeting as Market Turns Optimistic
The cryptocurrency community is eagerly awaiting the Federal Open Market Committee (FOMC) meeting on May 7, while bullish speculators are pushing the price of Bitcoin (BTC) close to the resistance level of $94,500. Recent data shows a strong increase in margin long positions around the key level of $94,400, which could determine the next direction of the market.
Analyst Axel Adler Jr. highlights the positive sentiment as open interest (OI) in Bitcoin futures surged by 2,000 BTC (equivalent to $189 million) in a short period. This increase, along with a 15% rise in trading volume, indicates strong buying interest despite slight price dips. The aggregate funding rate remains neutral, reflecting a balance between buy and sell orders, although minor fluctuations suggest a brief optimism among leveraged traders.
