Bitcoin has surged past $97,000, marking a significant increase of over $3,500 from its earlier levels around $94,000. This rise comes ahead of the Federal Reserve's rate decision, with market participants closely watching for any changes in monetary policy. The cryptocurrency's price has seen a 3.1% increase, reaching $97,469 before a slight retracement. The Federal Reserve is expected to maintain its current interest rates at the upcoming FOMC meeting, with market expectations indicating a hold through May and June, and potential rate cuts starting in July. The probability of a rate cut in May is only 2%, with a 33% chance in June, reflecting a cautious approach amid persistent inflation concerns. Bitcoin's dominance in the cryptocurrency market has reached over 65%, the highest level in four years, indicating a strong position relative to other cryptocurrencies like Ethereum, which has seen its ratio against Bitcoin hit a five-year low. This dominance surge coincides with $55 million in short positions being liquidated as Bitcoin's price increased. The trading volume for Bitcoin reached $24.27 billion, accounting for 33.11% of all trades, with an RSI of 66 signaling strong but controlled buying.