Bitcoin Stuck in Volatile Cycle Ahead of Fed Decision

Bitcoin's price has been stuck in a volatile cycle, unable to hold gains above $66,900 set on July 21. The cryptocurrency traded at $64,466 on July 26 after failing to maintain its momentum.

The price fluctuations have been attributed to several factors, including the Federal Reserve's upcoming decision on interest rates and the Clarity Act, which is expected to be voted on by August 7. Traders are anticipating a rate hold from the Fed at their meeting on July 28-29, with hike odds around 34% in recent futures pricing.

Bitcoin's market capitalization has remained relatively stable throughout the week, hovering between $1.28 trillion and $1.3 trillion. However, the net move has been close to flat, with Bitcoin down about 1% on some weekly readings.