Fed Decision Today: Will Bitcoin Break Above $80K?
Bitcoin's price is hovering around $77,000 as investors await the Federal Reserve's decision today. The market has failed to sustain a move above $80K, with the current support level at $76K-$77K and key resistance at $80K-$82K.
The Fed's decision will have a significant impact on Bitcoin's price, with a 25-basis-point hike being widely expected. However, the accompanying policy guidance is crucial in determining the market's reaction. A hawkish Fed and rising Treasury yields or a stronger dollar could put pressure on risk assets, while softer guidance could allow a recovery toward $80K.
The inflation backdrop remains relevant to the decision, with August CPI increasing 0.4% month over month and 3.4% annually. The figures leave policymakers balancing persistent inflation against the broader economic outlook.