Bitcoin $BTC has surged to a new high of $97,000 as market participants grow increasingly optimistic ahead of the U.S. Federal Open Market Committee (FOMC) meeting #FOMCMeeting scheduled for today. Strong capital inflows and the accumulation of long-term positions continue to drive momentum for the world’s leading cryptocurrency.

Market analyst Axel Adler Jr. noted the development of a significant long-position cluster near the $94,400 mark in the futures market—mirroring a similar pattern observed in late April that preceded Bitcoin’s rise to $97,500. This bullish formation reflects growing investor confidence and technical strength in current market dynamics.

Further reinforcing the bullish sentiment, Bitcoin’s open interest (OI) in the derivatives market increased by approximately 2,000 BTC—equivalent to $189 million—in just a few hours. Additionally, a 15% surge in aggregated trading volume suggests persistent buying pressure, even amid minor price corrections.

The aggregated funding rate remains near neutral, indicating a balanced distribution between long and short positions over the past eight hours. However, a brief spike to 0.018% on May 6 pointed to a temporary wave of bullish sentiment among leveraged traders.

On-Chain Signals Remain Positive

MichaĂ«l van de Poppe, founder of MN Capital, expressed a confident outlook on Bitcoin’s trajectory. “I believe Bitcoin’s rally is far from over,” he commented. “A key indicator will be gold’s performance post-FOMC. If we see gold begin to correct, it could mark the start of a new economic cycle.”

Adding to the bullish narrative, Swissblock, an investment management firm, noted that Bitcoin $BTC frequently consolidates prior to FOMC meetings, often followed by significant volatility. In a recent analysis posted on X, the firm showcased a chart tracking Bitcoin’s 25-day Rate of Change (ROC) from October 2024 through May 2025.

The chart reveals 📈 a consistent correlation between a rising ROC and upward Bitcoin price action—especially evident in October–November 2024 and again in April 2025. Periods of declining ROC, such as in January and February 2025, were accompanied by price corrections. As of early May 2025, the ROC remains in an upward trend, further supporting bullish expectations.

Swissblock concluded that today’s FOMC decision could serve as a pivotal catalyst for Bitcoin’s next major move. Market participants are closely watching the Federal Reserve’s interest rate stance and Chair Jerome Powell’s commentary for further cues.