Bitcoin Price Prediction – BTC Stuck Around $94,100 Ahead of FOMC Decision 

Highlights:

• Bitcoin is showing little price action intraday
• Bitcoin investors are on the sidelines ahead of the FOMC decision on May 7
• A rate cut could trigger a Bitcoin rally to new highs in the short term

Bitcoin has made some gains relative to its price on May 5. However, the world’s largest cryptocurrency is still slightly in the red, down by a marginal 0.26% in the day to trade at $94,284. Even with the minor upside, trading activity is primarily flat. Traders are waiting on the sidelines for the FOMC policy statement tomorrow, May 7.

The market is highly divided over whether the Fed will cut interest rates or maintain its current position. Either scenario will massively impact liquidity in the short term for risk-sensitive assets such as Bitcoin.

Florida Withdraws Support for Pro-BTC Legislation

Another cause of short-term weakness is the suspension of two major pro-Bitcoin bills in Florida. Three days ago, the Florida Senate withdrew the Bitcoin bills from consideration. This eliminates any hopes of Florida establishing a Bitcoin Reserve, at least in the short term. 

JUST IN: Florida just canceled its plans to create a state-held Bitcoin reserve.

HB 487 & SB 550 are dead—for now.

Legacy systems still fear decentralized strength.

But the signal is clear:
States are thinking in satoshis.

It’s not if—it’s who’s next? pic.twitter.com/8LKAesPDTE

— Jessica Gonzales (@lil_disruptor) May 6, 2025

Other US states, such as Wyoming, South Dakota, North Dakota, Pennsylvania, Montana, and Oklahoma, have also failed similar proposals. In recent months, support for crypto-centered state legislation has consistently declined, which may have once been perceived as a bullish trend toward Bitcoin.

Bitcoin ETF Inflows May Indicate Strong Support From Institutions

While there may be setbacks at the policy level, institutional interest in Bitcoin remains high. On May 5, for example, Bitcoin ETFs incurred net outflows of $425.5 million within one day, according to estimates from Farside Investors. BlackRock’s iShares Bitcoin Trust (IBIT) came out on top, experiencing net positive flows of $531.2 million.

Blackrock's Spot Bitcoin ETF IBIT has taken in net inflows of $4.41 Billion over the last 10 trading days.

I wonder where the demand will come from 🤔 pic.twitter.com/2VMWQxrr6u

— Chetan Kaul (@chetan_kaul) May 6, 2025

As with everything else, certain funds performed better than others. Fidelity’s FBTC suffered the largest outflow in this group, losing $57.8 million, while Bitwise’s BITB and Grayscale’s GBTC experienced slightly less negative outflows of $22.7 million and $16.4 million, respectively. In any case, the aggregate net inflow remains a positive sign of continuing institutional inflow into Bitcoin.

ETFs have been fundamental indicators of Bitcoin sentiment. Traders monitor ETF-related trading because it can indicate price movements since significant inflows or outflows accompany market liquidity and sentiment changes. The dominance of BlackRock’s IBIT also supports the emerging trend of institutional reliance on a few primary firms for bitcoin exposure.

Semler Scientific Ramps Up BTC Treasury

Corporate adoption of Bitcoin is also on the rise. Semler Scientific, a medical device manufacturer, reported that it acquired 167 Bitcoins for $16.2 million between April 30 and May 02. This is the company’s third purchase of Bitcoin above the $10 million mark in less than 10 days.

🇺🇸 JUST IN: Semler Scientific $SMLR acquires 167 $BTC for $16.2M, now holding 3,634 $BTC—making it the 4th largest Bitcoin treasury in the US! 🚀💰 #Bitcoin #CryptoNews #SemlerScientific #BTCTreasury #Investing #XcryptoNews
Source: Cointelegraph pic.twitter.com/yU8hoNhQUk

— JinJooWon – CryptoJadeX 💎 (@JinJooWon) May 5, 2025

With this purchase, Semler now has $342 million worth of Bitcoin based on current prices. Regarding the acquisition, Semler stated that his company purchased bitcoins for $97,093 each, while the average stash value stood at $88,668. Although Semler’s stocks dropped by 5% on the day, its share price has been up 23% since it started acquiring Bitcoin.

Data Points to A Growing Long-Term Perspective on Bitcoin

On-chain data also hints at a growing long-term perspective on Bitcoin. Amr Taha, a market analyst, suggests that over 51,000 bitcoins have now been withdrawn from BTC wallets. This shows investors have begun to move coins from exchanges to cold storage. This is often taken as a mature investor approach to custodial technology while pointing towards an extended bullish long-term signal on holding instead of trading.

JUST IN: Over 51,000 #Bitcoin have left Binance’s exchange reserves since mid-April 2025.
Supply is drying up. pic.twitter.com/xFn8HwZ0d4

— The Moon Show (@TheMoonShow) May 5, 2025

Technical Analysis – BTC Trending Towards Support Intra-day

Bitcoin is bearish on the hourly charts. After failing at the $95,040 resistance on May 5, Bitcoin has entered a short-term correction. If the bearish sentiment continues, Bitcoin could drop to the $93,737 support. 

On the other hand, if bulls take control and push Bitcoin through the $95,040 resistance, then a rally to $97k could follow. 

Recap

BTC shows little price action as investors wait for the Fed’s next move. The Fed’s next move could add new chaos or serve as a reason for Bitcoin’s movement. However, with institutional demand rising, Bitcoin’s trajectory will likely go up.