Bitcoin New: Bitcoin Gears Up for FOMC Impact as BTC Price Hovers Below $76.5K Record

According to Cointelegraph: Bitcoin (BTC) eyes new highs with targets set at $100,000 as traders anticipate heightened volatility around the Federal Reserve's interest rate announcement. As of November 7, Bitcoin is consolidating around $75,000, with markets preparing for a significant U.S. macro event. Bitcoin Market Shifts with Strong Spot DemandBitcoin’s recent performance saw BTC hit an all-time high of $76,480 on Bitstamp before a slight pullback. Cointelegraph Markets Pro and TradingView data confirm that strong demand continues to support BTC/USD's price action post-U.S. election. Notably, trader Skew highlighted a robust increase in spot flows, suggesting a structural market shift. He pointed out a major return of passive demand through "limit spot bids," adding that resistance lies between the spot price and the $80,000 level. With the Federal Reserve's Federal Open Market Committee (FOMC) meeting later today, further price swings could ensue, especially as markets anticipate a potential 0.25% rate cut.FOMC Decision Likely to Drive Market VolatilityTraders are closely watching Fed Chair Jerome Powell's post-meeting commentary for signals on future policy moves. While a 0.25% rate cut seems probable, the FOMC’s decision could still spark substantial volatility in both crypto and other risk assets. Analyst Andrea Capellini expects a potential upward move toward $77,000-$77,500, though a retracement might follow as market participants adjust risk levels ahead of the FOMC outcome. According to CME Group’s FedWatch Tool, the probability of a 0.25% cut currently stands at 97.4%.BTC Price Targets Surge with $100,000 in SightBitcoin's recent gains have triggered bullish projections, with some analysts speculating a path to $100,000 and beyond. After breaking an eight-month consolidation channel, BTC/USD continues to give the market confidence for higher price targets. Trader Justin Bennett, observing the break above $69,000, suggests Bitcoin could continue its rise as long as it remains above the key $72,700 support level. Bennett pointed out that institutional investors are increasing long positions, a trend he sees as bullish if sustained past the FOMC meeting. Veteran trader Peter Brandt remains optimistic, suggesting Bitcoin is in a "sweet spot" in its bull cycle, with a potential peak between $130,000 and $150,000 by late next summer.