Bitcoin Price Eyes $100K Breakout Ahead of Key FOMC Decision

Highlights:

• Bitcoin price may face resistance at $97,700 ahead of FOMC.
• Crypto market capitalization rises by 3.42% to $1.92 trillion.
• Global crypto market volume surges by 47.28% in 24 hours.

Bitcoin (BTC) price remains near $97,000 on Wednesday after a recent two-day rebound. The cryptocurrency market has shown signs of optimism, with Bitcoin recovering alongside notable gains in altcoins. Ether (ETH) surged by 3.42%, while XRP saw a 3% rise. Solana (SOL) also climbed 2.3%. Futures tracking the S&P 500 gained 0.5%, reflecting broader market confidence.

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The market’s total cryptocurrency trading volume exceeded $33.57 billion for one day, which represented a 47.28% boost. Market capitalization within the sector expanded by 3.42% to target $1.92 trillion during this period. 

The cryptocurrency market shows signs of improvement, yet traders exercise prudence because they watch for the US Federal Reserve’s upcoming rate policy announcement. The Federal Reserve’s upcoming actions might trigger market turbulence because Bitcoin, together with other high-risk assets, demonstrates high sensitivity toward economic developments.

Crypto markets demonstrate increased momentum because of planned high-level trade discussions between the US and China. BBC reports Switzerland will host a meeting between representatives from both countries this Friday to debate strategies for managing present trade conflicts. Financial market participants intensely observe this development because its conclusion holds the potential to strongly influence worldwide economic market operations.

Bitcoin Eyes $97,700 Resistance Ahead of FOMC

Bitcoin price could reach the $97,700 resistance mark before the upcoming Federal Open Market Committee (FOMC) session according to Crypto analyst predictions. 

This upcoming price movement could indicate a possible corrective structure for Bitcoin’s dominant status as a cryptocurrency. Bitcoin reveals a market interest that coincides with volatility trends, leading to this predictive analysis. According to his technical analysis, Bitcoin will potentially experience a price pullback after reaching this resistance point again. 

Market operators are studying price dynamics because they need to know if Bitcoin will keep developing upward above this particular threshold or retreat from it before the FOMC meeting. Analysts are carefully optimistic about the crypto field due to this discovery, which has evoked substantial market attention.

#Bitcoin $BTC could retest the $97,700 resistance ahead of the FOMC meeting, potentially setting up for another pullback. pic.twitter.com/r2ymnZVkId

— Ali (@ali_charts) May 7, 2025

How High Can BTC Price Go In May?

The Bitcoin price recently surged, breaking the $97,000 mark and showing signs of strength in the market, with a price of $97,174. At press time, Bitcoin appears to be approaching significant resistance levels near $100,000.  BTC price has surged by 5% in the past 24-hours following other crypto market surges.  The 24-hour trading volume has surged by 45%, currently at $32.83 billion.  

The global crypto market cap has risen to $2.99T, reflecting a 2.31% increase in the past 24 hours. Additionally, the total market volume for the same period reached $84.02B, marking a 27.41% rise.

The Moving Average Convergence Divergence indicator (MACD) indicates ascent by showing positive momentum, which points to rising buying strength. The MACD histogram’s green color indicates that a strengthening uptrend is taking place. The Relative Strength Index (RSI) stands at 66, as it moves toward the overbought area despite showing continuing potential for price gains against important resistance levels.

A further push beyond this could pave the way for testing the $105,000 level, which remains a crucial barrier in the short term. On the downside, the key support is situated around the $90,000 region, with any decline below this level potentially driving the price to the next support zone near $88,000.

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