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BTC price sees ‘double top’ before FOMC — 5 things to know in Bitcoin this week

Bitcoin (BTC) begins a key week of internal and macroeconomic events still trading above $20,000.

After its highest weekly close since mid-September, BTC/USD remains tied to higher levels within a macro trading range.

Bulls have been keen to shift the trend entirely, while warnings from more conservative market participants continue to call for macro lows to enter next.

So far, a tug-of-war between the two parties is what has characterized BTC price action, and any internal or external triggers have only had a temporary effect. What could change that?

The first week of November contains a key event which has the potential to shape price behavior going forward — a decision by the United States Federal Reserve on interest rate hikes.

In addition to other macroeconomic data, this will form the backdrop to overall market sentiment beyond crypto.

Bitcoin will further see a monthly close during the week, this apt to spark last-minute volatility despite October 2022 being one of the quietest on record.

Cointelegraph takes a look at these and several other factors impacting BTC/USD in the coming days.

FOMC countdown enters final days

The headline story of the week comes courtesy of the Fed and the meeting of its Federal Open Market Committee (FOMC).

On Nov. 1-2, officials will make a decision on the November benchmark interest rate hike, this overwhelmingly priced in at 0.75%.

While this will match the Fed’s previous two hikes in September and July, respectively, markets will be watching for something else — subtle hints of a change in quantitative tightening (QT).

The rates decision is due Wednesday at 2pm Eastern time, along with an accompanying statement and economic projections.

Fed Chair Jerome Powell will then deliver a speech at 2:30pm, this completing the backdrop to market reactions.

As Cointelegraph reported, there is already talk that subsequent rate hikes will begin to trend towards neutral, marking the end of an aggressive policy enacted almost a year ago.

For Bitcoin and risk assets in general, this could ultimately provide some serious fuel for growth as…

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