Bitcoin Holds Steady Ahead of Fed Rate Decision
Bitcoin remains steady at around $77,000 as cryptocurrency markets prepare for a potentially decisive week. The Federal Reserve's rate hike decision on Wednesday is expected to have a significant impact on crypto prices.
The US central bank has increased its interest rates in recent months to combat inflation, and investors are expecting another 25-basis-point increase this week. Higher interest rates can make speculative assets like Bitcoin less attractive, but the market's reaction will depend on the Fed's signals about future rate hikes.
CryptoQuant believes that Bitcoin needs to break through $81,700 before a new bullish phase can begin. The firm has identified a substantial resistance zone above $80,000 and a support level at around $70,000.
The pace of institutional selling pressure may be easing, with only a modest net outflow from US spot Bitcoin exchange-traded funds last week.