Bitcoin

Bitcoin Awaits FOMC Impact with Price Tightening Just Under New $76.5K High

Bitcoin is holding steady at $75,000 on November 7 as markets brace for a major economic event in the United States.

Bitcoin trader sees “underlying market shift”

Bitcoin’s price recently reached a new all-time high of $76,480 on Bitstamp before experiencing a slight pullback, as confirmed by data from TradingView.

Following the conclusion of the U.S. presidential election, BTC/USD is continuing to see strong buying interest.

Trader Skew pointed to this as a critical factor driving the market in his latest analysis on X, emphasizing it’s an element that was previously missing.

“Strong spot flows today have pushed the price to new all-time highs and through a multi-month supply zone at $73K. We’re witnessing a significant shift in the underlying market,” he wrote.

“This market shift is evident from the resurgence of passive BTC demand, with limit spot bids now active,” Skew added.

He noted that current sell-side liquidity is positioned between the spot price and the $80,000 level.

“These limit spot bids were adjusted upwards and only came into play during the breakout, signaling a shift toward demand,” he concluded.

Later in the day, further market movements are anticipated as the Federal Reserve convenes to discuss possible adjustments to benchmark interest rates.

The market is largely expecting a 0.25% rate cut, yet announcements from the Federal Open Market Committee (FOMC) often trigger volatility for both crypto and risk assets. This stems from the statement and press conference by Chair Jerome Powell following the meeting, as investors analyze his comments for hints about future policy direction.

Analyst Andrea Capellini commented on X that he doesn’t see bearish signs at present, though he expects some short-term consolidation.

“I could see a potential move up to the $77K – $77.5K range, but expect a pullback as market makers might de-risk ahead of the FOMC tomorrow,” he explained.

According to CME Group’s FedWatch Tool, the likelihood of a 0.25% rate cut stands at 97.4% at the time of writing.

BTC price targets include $100,000

Bitcoin’s recent price surge has fueled a wave of optimism, with some setting ambitious targets for BTC’s next move.

After breaking free from a prolonged consolidation phase lasting nearly eight months, BTC/USD is sparking speculation that it could soar even higher.

“I predicted the rally to $74-75K but was wrong about the pullback scenario. As I mentioned yesterday, we had a long trigger above $69K, and Bitcoin held support at $72,700 today,” trader Justin Bennett wrote in an X update.

“As a side note, I’m noticing Binance perpetual contract whales are still building long positions, while retail remains involved. As long as this continues and Bitcoin stays above $72,700, we could be looking at the $100K move everyone has been waiting for. Let’s see how things go with the FOMC.”