Bitcoin Bounces Back Above $79,000 Amid FOMC Rate Hike Anxiety
Bitcoin has reclaimed the $79,000 level as market attention shifts to next week's Federal Open Market Committee (FOMC) meeting. The cryptocurrency saw a modest 24-hour range, but overall gained around 2% over the past week.
The primary headwind is the macro environment, with escalating tensions in the Middle East driving Brent crude near $100 per barrel and gold surging to around $4,407 per ounce.
According to CME FedWatch, the market is pricing in a roughly 60% probability that the Federal Reserve will raise its benchmark rate by 25 basis points at the FOMC meeting on the 15th, 16th.
Jasper De Maere from Wintermute noted that 'the market is currently moving on rates rather than crypto-specific catalysts,' and identified $75,000 and $82,000 as key price levels heading into the FOMC.