Fed Decision Looms as Bitcoin Tests Key Support Zone

Bitcoin has rebounded 2.8% from its recent low of $62,850 to around $64,650 as traders await the Federal Reserve's interest rate decision.

The rebound was supported by buyers defending the 200-day moving average, with immediate resistance at $65,000, $65,200.

Market positioning shows significant call option activity targeting a rise to $72,000, but a failure to break $65,000 could lead to a drop toward $62,000, $62,500 amid ETF outflows.

The Fed's decision and commentary will be crucial for Bitcoin's next move, with a rate hike potentially pressuring the price and a hold possibly allowing a breakout above $65,000.