Bitcoin Stuck Below $76K Ahead of Expected Rate Hike

Bitcoin has remained below $76,000 as markets await the US Federal Reserve's interest rate decision. The cryptocurrency traded near its monthly lows after falling to around $74,960 on Tuesday.

Market expectations point to a 93% probability of a 0.25 percentage-point rate hike, which would take the federal funds rate to a range of 3.75% to 4%. Higher interest rates can affect demand for risk-sensitive assets like cryptocurrencies, making the Fed's decision a key focus for Bitcoin traders.

On-chain data indicates that buying interest has strengthened around lower price levels. Glassnode reported that a larger share of resting buy orders has moved closer to Bitcoin's current market price. Exchange order-book data points to around $68,000 as an important potential support level.