Bitcoin Held Below $76K Ahead of Fed Decision as Markets Price in Rate Hike
Bitcoin (BTC) continued to trade below $76,000 ahead of the US Federal Reserve's interest-rate decision. The cryptocurrency has been pinned near its monthly lows as traders anticipate a potential rate hike or a dovish outcome.
The market is pricing in a 0.25% hike with odds over 90%, according to CME Group's FedWatch Tool, implying a fed funds rate of 3.75%-4%. This would be the base case scenario, rather than a surprise outcome.
On-chain data from Glassnode suggests that buyers are adjusting closer to spot prices. The analytics firm reported that resting bids in the spot order book have tightened around current price levels, with a key liquidity band forming in the high-$60,000 area.
If the market breaks through this support level, deeper on-chain floors could come into view, potentially in the $62,000-$65,000 zone. This range corresponds to roughly 9% of BTC supply that last moved at those prices and has historically attracted attention during drawdowns.