Bitcoin Price Hangs in Balance as Fed Decision Spurs Cautious Optimism
The Bitcoin price has stabilized around $63,916.87 after the US Federal Reserve left interest rates unchanged at 3.50%-3.75%. The decision matched market expectations and was accompanied by minutes showing that economic activity has been expanding despite elevated uncertainty.
However, investors are cautious due to the bearish near-term bias of the Bitcoin price, which holds below its 50-day, 100-day, and 200-day Exponential Moving Averages (EMAs). The Relative Strength Index (RSI) is hovering just below 50 on the daily chart, indicating neutral-to-slightly constructive momentum.
The immediate resistance for BTC lies at $64,967 near the 50-day EMA, followed by $67,621 near the 100-day EMA and $73,665 near the 200-day EMA. A more distant resistance stands at $84,410.