Bitcoin (BTC) got close to hitting $97,000 on Tuesday, but it encountered resistance and dipped. This move comes as markets get ready for a potentially volatile trading period, with the U.S. Federal Reserve set to announce its interest rate decision later today.
Most market participants expect a pause in rate hikes. Attention will also be on comments from Federal Reserve Chair Jerome Powell, whose guidance may influence risk sentiment moving into the second half of the week.
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On the big-picture level, recent GDP data printed a negative figure, raising concerns about underlying economic momentum.
Bitcoin Price by CoinMarketCap
In this kind of environment, it is not likely that the Fed will make any major moves. Inflation, trade imbalances and ongoing uncertainty in tariff negotiations are making policymakers very cautious. The market is optimistic about the overall outlook, but any change in the central bank's tone could test this.
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Wed, 05/07/2025 - 13:33 Don't Miss Bitcoin Train, Says Michael Saylor ByGamza Khanzadaev
From a technical standpoint, Bitcoin has been on a steady rise since mid-April, thanks to the overall strength of the market and all the good news about U.S.-China trade talks. The recent rejection near $97,000 puts BTC at the upper end of its local range, similar to what was seen during the 2021-2023 consolidation periods.
May has usually been a good month for crypto and equity markets, even though there is that saying, "Sell in May and go away." Over the past decade, May has only had one bad return, which suggests that the season might keep going up.
With BTC currently trading just below $97,000, everyone has their eyes on the Fed's statement.
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