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Bitcoin Holds Steady Near $77K Ahead of Fed Decision
Bitcoin remained steady around the $77,000 level on Wednesday as investors cautiously awaited the monetary policy decision from the Federal Reserve, while also assessing the impact of a potential prolonged U.S. blockade of Iran.
The world’s largest cryptocurrency traded up 0.2% at $77,045.7 as of 07:05 GMT
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“The $78,000–$79,500 zone has become a key technical barrier, with profit-taking repeatedly capping gains,” analysts at IG Group said.
“This has led to 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 broadly expect the Fed to leave interest rates unchanged on Wednesday, but will closely examine forecasts for clues on future policy amid a sharp rise in oil prices.
The meeting is also seen as potentially the last under Chair Jerome Powell, with former Fed governor Kevin Warsh considered a leading candidate to succeed him.
Geopolitical developments further clouded the outlook. According to a report by The Wall Street Journal, U.S. President Donald Trump has instructed aides to prepare for a prolonged blockade of Iran, opting for sustained economic pressure rather than renewed military escalation or retreat.
The report followed Washington’s rejection earlier this week of a three-phase Iranian proposal that would have reopened the Strait of Hormuz while delaying nuclear negotiations, which U.S. officials deemed insufficient.
Oil prices rose above $110 per barrel amid tensions, heightening concerns about higher global inflation.
Market positioning also appeared fragile, with over $290 million in crypto liquidations recorded over the past day.
Analysts noted that Bitcoin remained range-bound, with resistance near $80,000 continuing to cap gains, while support around $76,000–$77,000 is seen as critical in the near term.
Crypto Prices Today: Altcoins Muted Amid Risk-Off Sentiment
Most altcoins traded in narrow ranges on Wednesday.
The world’s second-largest cryptocurrency, Ethereum, rose 1.7% to $2,325.92.
The third-largest cryptocurrency, XRP, was unchanged at $1.39.
Solana and Cardano each gained 0.7%, while Polygon added 1%.
Among meme tokens, Dogecoin rose 2.7%.
See also: "Bitcoin drops below $77K, Ethereum and Solana fall as Hormuz tensions push oil to 3-week high"
