As Bitcoin and altcoin prices surge to year-highs, the crypto market is eagerly anticipating major events for potential market shifts. The upcoming U.S. Federal Open Market Committee (FOMC) meeting from October 31 to November 1 is in focus, as traders weigh potential interest rate decisions and their impact on the market.

Fed’s Dovish or Hawkish Decision

The FOMC Meeting takes center stage, with expectations divided between a dovish or hawkish approach. The CME FedWatch Tool indicates a high 96.2% probability of the Fed keeping interest rates unchanged, largely attributed to a slowdown in annual Core PCE inflation to 3.7%.

While the anticipation is for a rate pause in the upcoming FOMC meeting, recent Federal Reserve speeches have heightened the possibility of a rate hike in the December 13 meeting. Federal Reserve Chair Jerome Powell hinted at a potential year-end rate hike, with a keen eye on incoming data, especially regarding the tight labor market.

Key Market-Watch Events

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This week, attention is also directed towards pivotal reports such as the labor market report, ISM Manufacturing and Services PMI, JOLTs Job Openings, and factory orders. The ongoing earnings season further impacts the market sentiment as around 20% of S&P listed companies are set to release their earnings reports, potentially influencing market moves.

Bitcoin Rally and On-Chain Developments

Amid the recent Bitcoin rally, CryptoQuant’s Julio Monero suggested that market sentiment might pause as the month ends, and the outcome of the Fed’s rate decision diverts trader focus from the market.

Following the rally, Bitcoin’s price remains range-bound, currently trading around $34,200, with a 24-hour low and high of $34,098 and $34,743, respectively. Notably, trading volume has surged by 35% in the last 24 hours.

The imminent FOMC meeting plays a significant role in shaping market movements, with traders closely analyzing potential rate decisions amid a slowdown in inflation. The impact of major reports and the ongoing earnings season further contributes to the uncertainty and cautious optimism in the crypto market.

Meanwhile, Bitcoin’s price remains in a consolidated range, influenced by the anticipation of key events and on-chain developments.

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Tanishi is an established writer in the realm of cryptocurrency and blockchain, renowned for her expertise and insightful analysis. With a deep-rooted passion for the dynamic world of digital finance, Tanishi delivers compelling news and articles that captivate a wide-ranging audience.