Bitcoin Trapped in Narrow Range as Fed Decision Looms

Bitcoin's price has been stuck in a narrow range between $76,000 and $80,000 since its early-September rejection from $82,000. According to CoinGecko, BTC is currently trading near $77,600, having gained 0.5% over the past 24 hours.

Despite repeated attempts to break through the $80,000 level, Bitcoin has failed to do so. QCP Capital has identified this range as a local resistance zone, with support around $77,000 to $78,000. This suggests that buyers are still entering at these levels, but sellers are too strong.

The Federal Reserve's upcoming decision on September 15-16 is being closely watched by the market. Stronger-than-expected US employment figures for August have raised expectations of interest rate hikes again, which could negatively impact Bitcoin's price.