Bitcoin is nearing the $75,000 mark. The rally is being driven by short sellers closing their positi

Bitcoin Tests $75.9K Before Pullback—Derivatives Drive Rally as Fed Looms

Bitcoin took a run at $75,912 ahead of the Fed decision, then settled near $74,372—resistance is still sticky. Weekly gains are solid across majors, but analysts say this isn't about fresh spot buying. The move was derivatives-driven: a wave of $60K put options closed, forcing market makers to buy spot to hedge. Momentum faded below $74,400, a former support zone.

Ethereum led the pack, up 13.3% to $2,316. XRP added 11%, Solana 9.7%, Dogecoin 9.5%, and BNB 5%. Risk appetite is back—for now.

Institutional money is helping. Spot Bitcoin ETFs pulled in $767M last week—the third straight week of inflows. That's healing, but sustainability is the open question.

Interesting shift: Bitcoin's correlation with gold has turned positive, reigniting the "digital gold" chatter. Since early March, BTC has outperformed the yellow metal.

The Fed is the wildcard. Rates are expected to hold, but the dot plot and Powell's tone could move markets. With oil high and jobs data softening, the path isn't clear.

The bottom line: this rally was built on short-covering, not new catalysts. Next stop? Macro signals and flow dynamics.