Bitcoin held steady near $77,000 on Wednesday as investors cautiously awaited the U.S. Federal Reserve policy decision, while also weighing the impact of a potential prolonged U.S. blockade of Iran.
The world’s largest cryptocurrency last traded 0.2% higher at $77,045.7 by 03:05 ET (07:05 GMT).
Get premium crypto market insights with analyst predictions on InvestingPro "The $78,000-to-$79,500 area has emerged as a key technical barrier, with profit-taking repeatedly capping advances," IG analysts said in a note.
"This has resulted in a familiar pattern of sharp rallies followed by consolidation, highlighting a market that is improving but not yet fully trending," they added.
Fed decision looms; Trump plans prolonged Iran blockade Markets widely expect the Fed to leave interest rates unchanged on Wednesday but scrutinise guidance for clues on the policy path amid surge in oil prices.
The meeting is also seen as potentially the last chaired by Jerome Powell, with former Fed governor Kevin Warsh viewed as a leading successor.
Geopolitical developments have further clouded the outlook. A Wall Street Journal report said U.S. President Donald Trump has instructed aides to prepare for a prolonged blockade of Iran, opting for sustained economic pressure over renewed military escalation or disengagement.
The report followed Washington’s rejection of a three-step Iranian proposal earlier this week that would have reopened the Strait of Hormuz while delaying nuclear negotiations, with U.S. officials deeming it insufficient.
Oil prices have surged above $110 per barrel amid the tensions, reinforcing fears of higher global inflation.
Market positioning also appeared fragile, with over $290 million in crypto liquidations reported in the past day.
Analysts said Bitcoin remained range-bound, with resistance near the $80,000 level continuing to cap gains, while support around $76,000-$77,000 was seen as critical in the near term.
Crypto price today: altcoins subdued amid broader risk-off mood Most altcoins traded in tight ranges on Wednesday.
World no.2 crypto Ethereum rose 1.7% to $2,325.92.
World no. 3 crypto XRP traded flat at $1.39.
Solana and Cardano edged 0.7% higher each, while Polygon rose 1%.
Among meme tokens, Dogecoin rose 2.7%.
