Bitcoin Surges Amid Optimism Ahead of FOMC Meeting

Bitcoin has soared to the $97,000 mark, buoyed by optimistic market sentiment surrounding the U.S. Federal Open Market Committee (FOMC) meeting scheduled for May 7. Analyst Axel Adler Jr. highlighted the strong price momentum of the cryptocurrency, noting the formation of a long-position cluster around the $94,400 level in the futures market—similar to the one observed in late April that propelled Bitcoin to $97,500.

At the same time, Bitcoin’s open interest (OI) in the derivatives market surged by 2,000 BTC—equivalent to approximately $189 million—in just a few hours. This sharp rise in OI, along with a 15% increase in aggregated trading volume, indicates sustained buying pressure despite a minor price correction.

The aggregated funding rate is currently hovering near neutral, reflecting a balance between long and short positions over the past eight hours. However, the rate experienced brief fluctuations, notably spiking to 0.018% on May 6, signaling a fleeting wave of bullish sentiment among leveraged traders.

Michaël van de Poppe, founder of MN Capital, also noted Bitcoin’s recovery and expressed optimism about its continued upward movement. “I believe Bitcoin’s rally is far from over,” he said. “A key factor to watch is whether gold begins to correct following the FOMC meeting—this could be a signal that a new economic cycle is emerging.”

Meanwhile, Swissblock, an investment management firm, pointed out that Bitcoin often stalls before recent rate decision meetings, followed by heightened volatility shortly afterward. In an analysis posted on X, the company shared a chart tracking Bitcoin’s 25-day Rate of Change (ROC) from October 2024 to May 2025.

The data shows that Bitcoin prices tend to rise when the ROC is trending upward—particularly evident in October–November 2024 and more recently in April 2025. Conversely, during periods when the ROC declines, such as in January–February 2025, BTC prices typically correct. As of May 2025, the ROC remains on the rise, fueling expectations that Bitcoin may continue to break higher.

Swissblock also emphasized that this FOMC meeting could be a pivotal trigger for Bitcoin’s next major move—largely depending on the interest rate decision and the tone of Federal Reserve Chair Jerome Powell’s remarks.