Bitcoin tests $97K as short-term investors fuel rally

On May 1, Bitcoin tested the $97,000 level: for the first time since February, the price surpassed $96,000, and the total crypto market capitalization returned to $3 trillion — the same level seen in March.

At the time of writing, Bitcoin is trading at $96,344, up 2.8% over the past 24 hours. Over the past month, it has gained 15.2%.

Short-Term Holders and Futures Activity Support the Market

Analysts link this growth to increased activity from short-term holders (STH). CryptoQuant contributor DanCoinInvestor noted that such spikes in activity have often preceded strong rallies in the past:

“A sharp increase in STH activity has often coincided with strong upward trends. Right now, we’re seeing similar dynamics,” he explained.

Another CryptoQuant contributor, burak_kesmeci, highlighted that open interest in Binance futures has grown by $2.2 billion over the past 20 days.

“Such support in the futures market suggests a continuation of the bullish trend,” the analyst believes.

As a reminder, on April 23 Bitcoin already crossed the $94,000 mark — that move followed conciliatory statements by former U.S. President Donald Trump regarding tariffs and comments from the Fed chair.