Bitcoin Trades Near $63,500 as Markets Await Fed's Next Move

Bitcoin dipped to near $63,500 on [current date] as investors shifted their focus from the latest US inflation report to the Federal Reserve's upcoming policy decisions.

The cryptocurrency's price action reflects a broader market pause, with traders weighing the implications of cooling consumer prices against the central bank's commitment to its inflation fight.

According to the CME FedWatch Tool, futures traders are currently pricing in a high probability that the Fed will hold rates steady at its next meeting.

The immediate support level for Bitcoin is around $63,000, with stronger support near $61,000. On the upside, resistance is visible around $65,000.