Bitcoin Range-Bound Ahead of Fed Decision
Bitcoin's price has remained relatively stable near $77,000 as investors wait for clarity on the Federal Reserve's interest rate decision next week. According to Nicolai Søndergaard, a senior research analyst at Nansen, traders have adopted a cautious position before the Fed announcement, with most focusing on major cryptocurrencies rather than smaller tokens or leveraged positions.
A move above $83,000 or below $76,000 would be needed for Bitcoin to break out of its current range, but strong spot-market volume would be required to confirm this. Analysts at Bitfinex also expect the Fed decision to produce enough volatility for Bitcoin to test liquidity near both $82,000 and $76,000.
Meanwhile, U.S.-listed investment products have shown net outflows of about $463 million last week, but buyers continued to defend Bitcoin near $76,000. Bitget Wallet research analyst Lacie Zhang noted that allocation demand has weakened without disappearing.