Bitcoin Holds Near $77K as Markets Await Fed Decision
Bitcoin traded in a tight range on Wednesday, hovering near the $77,000 level as investors remained cautious ahead of the upcoming decision by the Federal Reserve. At the same time, markets are assessing the potential impact of a prolonged U.S. blockade targeting Iran.
The world’s largest cryptocurrency was last seen 0.5% higher at $76,614, reflecting a market that remains stable but hesitant to break out.
Technical Levels Keep Bitcoin Range-Bound
According to analysts at IG Group, the $78,000–$79,500 zone has emerged as a strong resistance area, with repeated profit-taking limiting further upside.
This has created a pattern of short-term rallies followed by consolidation, suggesting that while sentiment is improving, Bitcoin has yet to enter a sustained bullish trend.
Fed Policy Decision in Focus
Market participants widely expect the Federal Reserve to keep interest rates unchanged. However, attention is shifting toward forward guidance, which could provide clues about the future direction of monetary policy.
The meeting may also mark the final session led by Jerome Powell, as former Fed governor Kevin Warsh is seen as a leading contender to take over.
Geopolitical Tensions Add Uncertainty
Geopolitical developments are adding further pressure to market sentiment. Reports indicate that U.S. President Donald Trump is considering a prolonged blockade of Iran, favoring sustained economic pressure over military escalation.
The move follows the rejection of a proposal that would have reopened the Strait of Hormuz, intensifying concerns over global energy supply disruptions.
Oil Prices Surge, Inflation Concerns Rise
Oil prices have climbed above $110 per barrel, fueling fears of rising global inflation. This development is particularly significant for risk assets like cryptocurrencies, which are sensitive to macroeconomic shifts and tightening financial conditions.
Liquidations Highlight Fragile Market Positioning
Recent data shows that more than $290 million in crypto positions were liquidated over the past 24 hours, signaling fragile market positioning and increased volatility risk.
Bitcoin continues to find support in the $76,000–$77,000 range, while resistance near $80,000 remains a key barrier for further gains.
Altcoins Trade Sideways as Risk Appetite Weakens
Broader crypto markets showed limited movement. Ethereum rose about 1% to $2,297, while XRP remained largely unchanged at $1.37.
Solana and Cardano posted modest gains of around 0.4%, while Polygon traded flat.
Among meme coins, Dogecoin stood out with a surge of over 7%.
