Bitcoin Stuck Below Key Resistance Ahead of FOMC Meeting

Bitcoin's price action remains below a key resistance level of $64,850, leaving its short-term trend vulnerable to another rejection. The market is approaching this technical test as it prepares for the Federal Open Market Committee (FOMC) meeting scheduled for July 28-29.

The FOMC meeting could become a major catalyst for Bitcoin's price movement. The Federal Reserve is set to release its policy decision on July 29, followed by a press conference at 2:30 p.m. ET. Recent market commentary has highlighted renewed inflation concerns and uncertainty around the path of interest rates.

According to TradingView data, Bitcoin's Relative Strength Index (RSI) is near 49, indicating balanced momentum. The Average Directional Index (ADX) reading of 18 points to relatively weak trend strength, consistent with a market that is consolidating rather than trending decisively.