By Chris Hollingworth 
Bitcoin bulls have been actively opening margin long positions around the $94,400 level, indicating a strong buying interest in the market. This activity comes alongside a significant $189 million increase in Bitcoin futures open interest and a 15% uptick in trading volume, suggesting sustained bullish sentiment.
As the market anticipates the Federal Open Market Committee (FOMC) meeting on May 7, Bitcoin (BTC) is holding steady at $94,500. Analyst Axel Adler Jr. highlighted the formation of a bullish cluster of long positions at $94,400 in the futures market, similar to the pattern observed at the end of April, which propelled BTC prices to $97,500.
Moreover, Bitcoin futures open interest has surged by 2,000 BTC (approximately $189 million) in recent hours, indicating a notable increase in buying pressure despite a slight price dip. The aggregated funding rate remains neutral, suggesting a balance between longs and shorts, although there have been intermittent spikes indicating optimism among leveraged traders.
Well-known analyst Michaël van de Poppe shared a positive outlook, stating, “I think we’ll continue the grind on Bitcoin upward, the key factor here is whether Gold starts to correct after FOMC tomorrow, indicating that there’s the start of the business cycle.”
According to Swissblock, Bitcoin’s momentum typically slows down before FOMC meetings, followed by heightened price volatility afterward. Analyzing Bitcoin’s 25-day rate of change (ROC) from October 2024 to May 2025, the firm found that price movements tend to align with ROC trends. The current upward trend in ROC for May 2025 suggests a potential price gain for Bitcoin.
Swissblock emphasized that the FOMC meeting could serve as a catalyst for Bitcoin’s next move, with the rate decision and Federal Reserve Chair Jerome Powell’s statements likely to impact market volatility. Historically, Bitcoin has experienced price corrections following periods of reduced momentum around FOMC meetings.
Overall, the data shows a positive sentiment in the Bitcoin market with strong buying interest and potential for price gains. Traders and investors should remain vigilant and conduct their own research before making any investment decisions.
