Bitcoin hovers near the $76,000 resistance level amid focus on the FOMC meeting.

ChainCatcher report: According to market sources, Bitcoin is currently trading at approximately $74,230, down about 2.6% from the six-week high of $76,000 touched on Tuesday. The market generally expects the Federal Reserve to hold interest rates steady at this week’s Federal Open Market Committee (FOMC) meeting. Traders widely believe that the expectation of rate stability has already been fully priced in; the true catalyst for volatility will be Federal Reserve Chair Jerome Powell’s remarks during the post-meeting press conference—whether his tone is hawkish or dovish will directly influence market direction. Additionally, potential sources of volatility include U.S. developments related to the Israel-Iran situation, inflation concerns, and rising oil prices. On the price front, Bitcoin must convincingly break above the $76,000 resistance level and convert it into support to further challenge the $80,000+ range, with the next target at the 200-day simple moving average (SMA) of $87,411. If bulls lose control, price could retreat to the $72,000–$65,000 range, and in extreme scenarios, potentially test $60,000.