BTC stuck at $75,900 as Powell's FOMC leaves no room for a dovish pivot

Bitcoin is trading near $75,900, pinned below a dense supply zone where Glassnode's True Market Mean (~$78,000) and the short-term holder cost basis (~$79,000) converge. The Fed held rates at 3.5%-3.75%, with Powell citing total PCE at 3.5% and core PCE at 3.2% through March — and warning that elevated oil prices will push inflation higher in the near term.

The FOMC vote was the most fractured since 1992: eight held, one wanted a cut, and three — Hammack, Kashkari, and Logan — objected to retaining any easing bias at all. Futures markets came away pricing little chance of a cut materialising by year-end, with some traders assigning a small probability to a hike over the next twelve months.

The structural picture is equally cautious. Glassnode flags $76,000 as a short-gamma volatility trigger where dealer hedging amplifies moves in either direction. Primary support sits between $65,000…