Bitcoin Surges 2.18% in 24 Hours, Bullish Momentum Boosted by FOMC Meeting and New Hampshire's Bitcoin Reserves Approval
Bitcoin's Influence Soars to a High of 65% before the Federal Reserve's Decision
imental crypto asset Bitcoin ($BTC) has seen a notable surge of 2.18% over the past 24 hours. In comparison, other notable crypto assets like Ethereum ($ETH), Sui ($SUI), Aptos ($APT), and Polygon ($POL) have dropped. This shift suggests a rotation of capital in crypto wallets holding Bitcoin, hinting at caution among investors in a potentially volatile market. The bullish momentum for Bitcoin is particularly strong before the upcoming FOMC meeting.
At present, Bitcoin ($BTC) trades at $96,429.36. This price increase of 2.18% over the past day is accompanied by a 7-day spike of 1.43% and a massive rise of 25.13% over the past month. Such impressive growth paints a positive picture for the immediate future, sparking speculation of a major price action. The increasing interest in Bitcoin among investors is evident. However, it remains to be seen whether this positive trend continues over the coming days.
Technical and On-chain Factors Supporting Bitcoin's Uptrend
Several technical and on-chain factors have contributed to Bitcoin's recent price rise. For instance, Bitcoin filled a noteworthy CME futures gap on May 13, 2025, which is a known trigger for upward price action. Additionally, the Relative Strength Index (RSI) was at 62, indicating further room for price appreciation before reaching overbought conditions. Concurrently, trading volume surged by 18% with spot trades reaching $1.2 billion for BTC/USDT, underlining strong market participation and interest.
On top of this, the broader market backdrop has also played a role. The S&P 500 has gained 1.1% recently, demonstrating improving risk appetite in traditional markets, which typically correlates with bullish sentiment in cryptocurrencies. Furthermore, on-chain data shows a 15% increase in Bitcoin holders with over one BTC since early May, indicating growing retail and institutional confidence and accumulation.
Institutional Buying and Regulatory Support
Institutional buying is another key factor behind Bitcoin's surge. Famed institutional player, Strategy, added over 13,000 Bitcoin worth $1.34 billion in early May 2025, resulting in a 15.5% yield on its Bitcoin holdings and boosting market confidence.
Regulatory endorsements also contribute to growing confidence in Bitcoin. Notably, New Hampshire's approval of a Bitcoin reserve is a significant development that affirms Bitcoin’s legitimacy and utility as a financial asset. This approval signals the integration of Bitcoin into official financial reserves, which often acts as a bullish catalyst by affirming Bitcoin’s legitimacy and utility.
While the exact impact of the FOMC meeting is not explicitly detailed in recent articles, such meetings traditionally influence market sentiment through interest rate guidance and economic outlooks. If the FOMC adopts a dovish stance or indicates a slower pace of rate hikes, this could favor risk assets like Bitcoin by reducing borrowing costs and increasing investment flows into alternative assets. The positive stock market performance simultaneous with Bitcoin's rise suggests a risk-on environment possibly fostered by FOMC signals.
- Amid a surge of 2.18% in 24 hours, Bitcoin ($BTC) has seen a notable increase, while other crypto assets like Ethereum ($ETH), Sui ($SUI), Aptos ($APT), and Polygon ($POL) have dropped, indicating a rotation of capital in crypto wallets holding Bitcoin, hinting at caution among investors in a potentially volatile market.
- Bitcoin's bullish momentum is particularly strong before the upcoming FOMC meeting, with the impending meeting possibly fostering a risk-on environment that could favor Bitcoin.
- Several technical and on-chain factors have contributed to Bitcoin's recent price rise, such as filling a noteworthy CME futures gap on May 13, 2025, a relatively low RSI, increased trading volume, the S&P 500's recent growth, and an increase in Bitcoin holders with over one BTC.
- Institutional buying, as demonstrated by players like Strategy adding over 13,000 Bitcoin worth $1.34 billion, and regulatory support, as evidenced by New Hampshire's approval of a Bitcoin reserve, are key factors behind Bitcoin's surge, affirming Bitcoin’s legitimacy and utility as a financial asset.
