Bitcoin Price Risks Bearish Weekly Close Before Fed Rate Hike Decision
Key Insights:
- Bitcoin price holds near $77,255 ahead of Wednesday’s Fed rate-hike decision.
- August core CPI lifts September hike pricing from 70% toward 90%.
- Weekly EMA resistance and a falling wedge support frame Bitcoin’s technical range.
Bitcoin price holds near $77,255.91 as traders assess Wednesday’s Fed rate hike decision and a bearish weekly close. CoinGecko shows BTC price down 0.1%, within a $76,515.84–$77,377.37 daily range.
Bitcoin’s market capitalization stands at $1.552 trillion, while volume totals $16.024 billion. It has lost 3% weekly and 2.1% over 14 days.
However, Bitcoin price is up 23.2% monthly, while its one-year return is down 33.4%. This recent pressure on BTC price coincides with rising expectations for higher U.S. borrowing costs.
Bitcoin Price Tests Two Technical Structures
Given that performance, Rekt Capital sees BTC price risking a weekly close below its 50-week exponential moving average. He says the signal needs confirmation through a later rejection that converts the average into resistance.
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