Bitcoin Price Faces Renewed Pressure Ahead of Fed Rate Hike Decision

Bitcoin's price has been hovering around $77,255 ahead of the Federal Reserve's rate hike decision on Wednesday. The August core CPI rose 0.3% from July, moving September hike odds from 70% to 90%. This shift in expectations is putting pressure on Bitcoin's price, which could face renewed selling if it closes below its 50-week exponential moving average.

Rekt Capital notes that both the 21-week and 50-week EMAs have typically supported Bitcoin during established bull markets. If this trend continues, a sustained failure at both measures would suggest that a full bull cycle has not started yet.

The Cryptomist also tracks Bitcoin's price on a four-hour chart, which shows the asset retesting the falling wedge boundary between $76,500 and $77,000. A temporary rise into the resistance level of $79,400-$80,000 is expected before renewed selling.