On May 7, Bitcoin surged over 3% to exceed $97,000, primarily driven by optimism surrounding US-China trade talks. US Treasury Secretary Scott Bessent's announcement about a meeting with China's Ministry of Commerce sparked hopes of a trade deal, enhancing risk appetite in the markets, including cryptocurrencies. Concurrently, over $83 million in short Bitcoin positions were liquidated in the derivatives market, suggesting strong bullish momentum. This was compounded by a 26% increase in open interest, reaching $64.4 billion, indicating heightened trader participation. Furthermore, Bitcoin's price trend shows a breakout from a falling wedge pattern, and it's targeting $100,200 if it surpasses the key resistance level at $98,000. Analysts remain cautious, noting potential bearish divergence in the RSI and highlighting that a daily close below $93,000 could reverse recent gains. The community is also attentive to the Federal Reserve's upcoming interest rate decision, which could influence market dynamics.

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