BTC Range Highs Tested Ahead of FOMC Decision

Bitcoin is currently trading at its range highs, despite a long upper wick forming on the charts. Market participants are bracing for the Federal Open Market Committee (FOMC) decision on Wednesday, which could impact market volatility.

According to CrypNuevo, price action shows that BTC is sitting below the EMA50 resistance at $77940.58 but above the EMA200 support at $74263.22. The Relative Strength Index (RSI) is currently at 42.07, indicating neutral momentum.

The Moving Average Convergence Divergence (MACD) has printed a bullish golden cross at -342.64, which could be an indication of a potential upward trend in the coming days. However, market makers are reportedly stacking shorts ahead of the FOMC decision, which could lead to a retracement towards the 50-EMA before any further movement.