Bitcoin Price Surges Ahead of Fed Decision as Traders Go Bullish

Bitcoin's price has been steadily increasing in recent sessions, reaching near $74,372 as traders become more bullish ahead of the Federal Reserve decision. This shift in market sentiment is reflected in the perpetual futures market, where long positions are now dominating.

The latest data from Santiment and CryptoQuant shows that funding rates have turned positive, indicating that traders are increasingly willing to pay to keep their bullish positions open. This is a significant change from previous periods of weak sentiment and short pressure.

Despite this positive trend, short-term signals remain mixed. On-chain data suggests that spot demand has been stronger than futures conviction, which could lead to a brief pause or pullback if futures traders do not continue adding risk.