Bitcoin Gains Momentum, Eyes $100,000 Ahead of FOMC Meeting

Amidst the anticipation surrounding the US Federal Open Market Committee (FOMC) meeting, Bitcoin’s bullish momentum is strengthening. Notably, the United States has introduced a preliminary crypto bill aimed at redefining the regulatory framework for digital assets and enhancing investor protection, with proponents declaring that “the golden age of digital assets is here.”

Over the past 24 hours, Bitcoin has fluctuated between $93,399.86 and $97,625.81.

As of 10:20 AM today, May 7, 2025, Bitcoin (BTC) was trading at approximately $96,476.58, marking a 2.13 percent increase. The leading cryptocurrency recorded a 24-hour trading volume of $31.36 billion and maintains the largest market capitalization among all cryptocurrencies, currently at $1.91 trillion.

Data from CoinMarketCap indicates that Bitcoin’s price range within the last 24 hours was between $93,399.86 and $97,625.81.

Several factors have contributed to this renewed buying interest from investors. These include New Hampshire’s authorization of the ‘Bitcoin reserve bill’ and growing optimism regarding a potential trade agreement between the US and China, according to Alankar Saxena, Co-founder and CTO of Mudrex. Saxena commented, “While an interest rate cut is considered unlikely, any shift towards quantitative easing could inject additional liquidity into the market, providing further support for risk-on assets such as cryptocurrencies.”

In terms of regulation, the US has released a draft crypto bill designed to reshape the oversight of digital assets and bolster investor safeguards, accompanied by the statement, “The golden age of digital assets is here.”

According to Saxena’s analysis, if Bitcoin successfully surpasses the resistance level at $97,900, a decisive move beyond the $100,000 mark becomes a possibility, with a support level identified at $93,700.

Himanshu Maradiya, Founder and Chairman of CIFDAQ Group, echoes this bullish sentiment regarding Bitcoin’s outlook. Maradiya believes that Bitcoin’s breakout from the $90,000 – $95,000 range signals a positive trend toward the $100,000 target.

However, Maradiya also notes that “the geopolitical tensions between India and Pakistan, including ‘Operation Sindoor,’ have introduced short-term volatility, which may influence prices. The long-term effects will depend on how this conflict is resolved.”

Ethereum and Altcoins

Meanwhile, Ethereum (ETH), the second-largest cryptocurrency by market capitalization, is also attracting attention, particularly with the scheduled Pectra upgrade taking place today, which is contributing to the overall positive market sentiment. At the time of reporting, Ethereum was trading at approximately $1,828.02, reflecting a 1.84 percent increase.  

Among other prominent cryptocurrencies, Solana (SOL) was up by 0.81 percent, Binance Coin (BNB) by 0.78 percent, and Ripple (XRP) by 1.12 percent. Concurrently, the US dollar-pegged stablecoin Tether was trading at $0.9999, down by 0.001 percent.  

CoinMarketCap’s trending cryptocurrency list featured Bitcoin (BTC), Ethereum (ETH), Alpaca Finance (ALPACA), Solana (SOL), and Litecoin (LTC) as some of the most actively discussed coins.