Bitcoin Price Analysis: BTC Tests Key Support Ahead of Crucial FOMC Decision
Bitcoin is entering a potentially decisive macro catalyst with its short-term structure already under pressure. The asset has drifted back toward the lower boundary of its recent consolidation, while the market awaits tomorrow’s FOMC interest-rate decision, an event that could trigger a sharp expansion in volatility as expectations remain heavily skewed toward a rate increase.
Bitcoin Price Analysis: The Daily Chart
On the daily timeframe, Bitcoin is trading around $77K after repeatedly failing to establish itself above the $80K-$82.3K resistance zone. The rejection from this area has gradually weakened momentum, with the latest sequence showing lower highs and renewed pressure toward the lower end of the post-breakout range.
Despite this weakness, the broader structure has not broken down yet. The explosive August rally remains intact as long as BTC holds above the major support areas underneath. The first significant downside region is the $72K-$74K zone, with the 0.5 Fibonacci retracement positioned near $72.5K. Below it, the 0.618 retracement around $70.2K and the moving average provide another important confluence.
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