Bitcoin Stabilizes Near $64,300 Ahead of Fed Interest-Rate Decision

Bitcoin's price has recovered slightly after a volatile period, trading near $64,300 as traders await the Federal Reserve's interest-rate decision. The Fed is set to announce its decision on July 28-29, with markets expecting officials to hold the federal funds target range at 3.50% to 3.75%. However, there is still a one-in-three chance of a quarter-point increase, keeping traders cautious.

The broader crypto market has also gained, despite exchanges closing more than $430 million in leveraged positions. This includes a total liquidation of 111,555 traders over 24 hours, with long positions accounting for $324.03 million and short positions representing $111.47 million. The liquidation wave did not trigger a broad price collapse, with Bitcoin recovering as forced selling slowed.

Derivatives data shows that traders have not added large new positions before the Fed decision, with total crypto open interest staying near $113 billion. Options data also indicates stronger demand for Bitcoin downside protection, with put options at $62,000, $60,000, and $54,000 leading Deribit's 24-hour volume rankings.

The price of Bitcoin is currently holding above $64,000, with its immediate range centered on support near $63,410 and resistance around $64,748. A move above resistance could open a retest of recent highs, while a break below support would place $62,329 back in focus.