Cryptocurrency Market Stuck in Consolidation Ahead of Fed Meeting

The cryptocurrency market is stuck in a state of consolidation, with Bitcoin and Ethereum experiencing two-way breaks on both sides of their current ranges. According to market analysis, this has resulted in a lack of directional volume and compression that needs an external trigger.

For Bitcoin, the May high at $82,828.7 remains intact, while the local structure is capped by the hourly fair value gap (1H FVG) at $78,000. Until this level is reclaimed and held, any upside is classified as noise inside the range. The key reference levels for Bitcoin are its May high, last week's high, and the 2024 ATH.

Ethereum showed more aggressive price action, pushing through local highs but failing to hold above $2,600. The asset has swept short sellers' stops but failed to extend a bearish breakdown through last week's low. As a result, the range expanded: the upper boundary shifted from $2566 to $2666, while the lower boundary was set at $2403.33.

The main focus is on the edges of the ranges, with traders looking for long setups in the $74,000-$75,000 zone for Bitcoin and the $2,403-$2,330 block for Ethereum. Heading into the Fed meeting with open positions in the middle of the range is a direct path to uncontrolled risk.