Fed Rate Decision Looms Large Over Bitcoin and Ethereum Prices

The upcoming week is crucial for both Bitcoin and Ethereum as macroeconomic data may influence their prices. The Federal Reserve's decision on interest rates could be a major factor, with markets pricing an 86.5% chance of a 25-basis-point hike to take the target range from 3.50%-3.75% to 3.75%-4.00%. The August Consumer Price Index (CPI) held steady at 3.4% year over year, but core inflation rose 0.3%, putting pressure on policymakers.

Bitcoin's price has been struggling to break above $80,000, falling from the $81,000 peak in early September and failing to hold the $78,000 level. The chart shows a series of lower highs since the peak, keeping sellers in control for now. The key area is around $76,500-$77,000, which has acted as short-term support.

For Bitcoin to reclaim $80,000, it needs to recover above $78,000 and clear the $79,400-$80,500 resistance area. A move above $80,500 could open the door towards $82,000. On the other hand, a failure to hold $76,500 could send the price towards $75,500 and $74,500.