Bitcoin's bullish momentum gains steam, eyes $100k ahead of US FOMC meeting
Bitcoin (BTC) price today, May 7, 2025: Bitcoin (BTC) has broken out of its range-bound phase between $90,000 and $95,000 and resumed its upward trajectory to reclaim $97,000 levels as market sentiment improved ahead of the US Federal Open Market Committee (FOMC) meeting. This, market analysts said, signals a bullish momentum for Bitcoin toward the $100K mark.
At 10:20 AM on Wednesday, May 7, Bitcoin was quoted trading at around $96,476.58, higher by 2.13 per cent. The world’s most popular cryptocurrency had a 24-hour trading volume of $31.36 billion. Bitcoin's market capitalisation stood at $1.91 trillion, the highest among all cryptocurrencies.
Bitcoin has traded in the range of $93,399.86 to $97,625.81 in the last 24 hours, according to data from CoinMarketCap.
Factors such as New Hampshire authorising the 'Bitcoin reserve bill' and rising hopes over a potential US-China trade deal, Alankar Saxena, Co-founder and CTO of Mudrex, said, drove renewed buying by the bulls. "While a rate cut remains unlikely, any move toward quantitative easing could inject fresh liquidity into the market, further supporting risk assets like crypto," said Saxena.
Further on the regulatory front, the US has unveiled a draft crypto bill aimed at redefining digital asset oversight and strengthening investor protection, stating, 'The golden age of digital assets is here.
If Bitcoin breaks the resistance at $97,900, Saxena believes, a decisive move above the $100K mark is possible, with support standing at $93,700
