Bitcoin Holds Steady Ahead of Fed Decision Amid Uncertainty

Bitcoin opened Wednesday at $63,853.49 and rose throughout the US morning to trade at $64,328 by mid-session for a gain of roughly 0.75%. The asset's price has been locked in a tight range of under $950 between a low of $63,564.56 and a high of $64,508.

The market is bracing for the Federal Reserve's decision at 2:00 p.m. ET, with a 35.8% probability of a rate hike priced in. This uncertainty has led to a pause in trading, with both buyers and sellers stepping back from the market until the outcome is known.

The price of Bitcoin currently sits below all four major EMAs, with a pivot point at $63,883 and a downside trigger at $62,154. The Fear and Greed reading remains in fear territory at 28, which has historically preceded upside more often than not when accompanied by changes in flows.

With the lack of clarity around the Fed's decision, traders are left to navigate uncertain waters. A hold is priced at 65% to 70%, delivering a muted relief bounce, while a hike is priced at 30% to 35%, leading to a violent flush.