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Bitcoin's bullish momentum gains steam, eyes $100k ahead of US FOMC meeting
At 10:20 AM on Wednesday, May 7, Bitcoin was quoted trading at around $96,476.58, higher by 2.13 per cent. The world's most popular cryptocurrency had a 24-hour trading volume of $31.36 billion. Bitcoin's market capitalisation stood at $1.91 trillion, the highest among all cryptocurrencies.
Bitcoin has traded in the range of $93,399.86 to $97,625.81 in the last 24 hours, according to data from CoinMarketCap.
Factors such as New Hampshire authorising the 'Bitcoin reserve bill' and rising hopes over a potential US-China trade deal, Alankar Saxena, Co-founder and CTO of Mudrex, said, drove renewed buying by the bulls. "While a rate cut remains unlikely, any move toward quantitative easing could inject fresh liquidity into the market, further supporting risk assets like crypto," said Saxena.
Further on the regulatory front, the US has unveiled a draft crypto bill aimed at redefining digital asset oversight and strengthening investor protection, stating, 'The golden age of digital assets is here.'
If Bitcoin breaks the resistance at $97,900, Saxena believes, a decisive move above the $100K mark is possible, with support standing at $93,700.
Himanshu Maradiya, Founder and Chairman, CIFDAQ Group also shares similar views and remains bullish on the outlook of Bitcoin. The breakout of Bitcoin from $90,000 - $95,000, Maradiya said, signals bullish momentum toward the $100K mark.
"Meanwhile, the geopolitical tensions between India and Pakistan, including 'Operation Sindoor'," Maradiya said, "have introduced short-term volatility, which may impact prices. Long-term effects will depend on the resolution of the conflict," said Maradiya.
Ethereum and other altcoins
Meanwhile, Ethereum (ETH), the world's second-largest cryptocurrency by market capitalisation, is also in focus, with the Pectra upgrade scheduled for today, adding to the overall market optimism. At last check, it was trading at around $1,828.02, up 1.84 per cent.
Among other popular cryptocurrencies, Solana (SOL) was trading higher by 0.81 per cent, Binance Coin (BNB) was up by 0.78 per cent, and Ripple (XRP) up by 1.12 per cent. Meanwhile, the US dollar-linked stablecoin Tether was trading at $0.9999, down 0.001 per cent.
Bitcoin (BTC), Ethereum (ETH), Alpaca Finance (ALPACA), Solana (SOL), and Litecoin (LTC) were among the top trending crypto coins on CoinMarketCap.
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