Fed Rate Hike Looms, Could Break Bitcoin Out of Range Trading

Bitcoin (BTC) is stuck in range trading as investors wait for news from the Federal Reserve about interest rates. CoinShares reports that the chances of a Fed rate hike next week hover around 60%. Two factors could break Bitcoin out of its current trading range, according to the financial services firm.

The first factor is the upcoming Fed meeting, where investors will be watching closely for any indication of an interest rate increase. If the Federal Reserve does decide to raise rates, it could have a significant impact on the price of Bitcoin and other cryptocurrencies.

The second factor is the current market conditions, which are favorable for a breakout. CoinShares notes that Bitcoin's price has been consolidating in a range over the past few weeks, but the firm believes that this could be a sign of a potential breakout to the upside or downside.