Bitcoin Stalls at $77,000 as Fed Rate Decision Looms
Bitcoin is holding steady around $77,000 as cryptocurrency markets prepare for what could be a pivotal week. The Federal Reserve's interest rate decision on Wednesday has traders anticipating a 25-basis-point increase, which would boost yield-bearing assets and make speculative positions more expensive.
The world's largest cryptocurrency was trading at roughly $77,000-$77,200 on Monday morning, September 14, little changed over the past 24 hours and around 6% below its three-month high of over $82,000 reached earlier this month. Ethereum has shown greater resilience, trading around $2,540.
CryptoQuant believes Bitcoin needs to break through approximately $81,700 before a new bullish phase can begin. The on-chain analytics firm described Bitcoin's underlying trend as constructive following its 24% rebound over two weeks but warned that a substantial resistance zone remains overhead.