Bitcoin Trapped in Volatile Range Ahead of FOMC Rate Decision

Bitcoin's price was caught in a tight range near $64,000 on Wednesday as investors navigated a complex web of macroeconomic headwinds.

The US Federal Reserve is set to release its next interest-rate decision, which could be a catalyst for volatility in risk assets.

The market is awaiting the result of the Federal Open Market Committee's (FOMC) July meeting, with traders divided over the likelihood of a rate hike.

Oil prices surged 8% due to tensions between the US and Iran, which could impact inflation concerns and interest-rate expectations.