Bitcoin Price Hinges on Fed Decision Amid Consolidation

Bitcoin's price has been consolidating around $76,000 to $80,000 for several days as traders weigh improving ETF demand against rising Treasury yields and the upcoming Federal Reserve decision.

The cryptocurrency's key resistance level sits at approximately $81,700, according to CryptoQuant Head of Research Julio Moreno. A sustained close above this level would put $83,600 in play first, followed by a potential move towards $88,700, implying around 15% upside from current prices.

On the other hand, if Bitcoin fails to reclaim $80,000-$81,700, it may be vulnerable to another test of the mid-$70,000s, with $70,000 becoming the major downside level if macro pressure returns.