Bitcoin preps FOMC reaction as BTC price coils below new $76.5K record

Bitcoin is consolidating at $75,000 on Nov. 7 as markets gear up for a United States macro event.

BTC/USD 1-hour chart. Source: TradingView

Bitcoin trader sees “underlying market shift”

Bitcoin’s (BTC) price action reached new record highs of $76,480 on Bitstamp before a modest pullback, data from Cointelegraph Markets Pro and TradingView confirmed.

As the dust settles on the US presidential election, BTC/USD continued to enjoy strong demand.

In his latest analysis on X, trader Skew said this is a decisive factor in buoying the market — one that was previously absent.

“Strong spot flows today has lifted price towards new ATHs & through multi month supply zone ($73K) & Further signs of major shift taking place in the underlying market,” he wrote.

“The underlying market shift here is a clear from the return of passive demand for BTC – Limit spot bids.”

BTC/USDT 15-minute chart with liquidity data. Source: Skew/X

Skew noted that sell-side liquidity now stands between the spot price and the $80,000 mark.

“These limit spot bids only were moved up & quoted during the breakout move, which tells me market curve has shifted towards demand,” he concluded.

Source: John Kicklighter

Further volatility is expected later in the day as the Federal Reserve meets to decide on changes to benchmark interest rates.

Markets are already predicting a 0.25% cut, but the Federal Open Market Committee (FOMC) gatherings can nonetheless spark crypto and risk-asset volatility in their own right. 

This comes chiefly from the statement and news conference given by Chair Jerome Powell, which will follow the meeting itself, with markets closely watching his language for clues over future policy trajectory. 

“I am not bearish at all, although the potential for a short-term consolidation is likely,” analyst Andrea Capellini told X followers in part of a post on the topic. 

“I could be seeing potentially a move up towards the 77- 77.5k area , but then I am expecting a retracement due to market makers de-risking ahead of FOMC tomorrow.”

Fed target rate probabilities. Source: CME Group

The latest data from CME Group’s FedWatch Tool…

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