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Bitcoin retraced to around $77,000 ahead of the Federal Reserve rate decision, after a rejection near $80,000 left investors more cautious and risk appetite subdued.
According to data cited by crypto.news, Bitcoin was rejected at around $80,000 on Monday and then fell 4% to an intraday low of $75,850 on Tuesday. The move was attributed to uncertainty around the opening of the Strait of Hormuz amid stalled U.S.-Iran peace negotiations, which kept investors in a risk-off stance.
Investors bought the dip, lifting Bitcoin back to about $77,800, but the rebound stalled below $80,000 as markets entered a wait-and-watch mode ahead of the Fed decision later today.
The CME FedWatch tool and Polymarket both indicated a consensus that the Federal Reserve would keep interest rates at 3.5% to 3.75%, with 100% odds of no rate cut. Even with April already priced for no cuts, the ongoing hawkish tone from central bankers has weighed on appetite for Bitcoin and broader crypto risk, as borrowing costs remain elevated.
Tomorrow’s Core PCE data is the next major milestone for Bitcoin. As the Fed’s preferred inflation gauge, the report is expected to be important for assessing whether price pressures are cooling. The article notes that any surprise could trigger significant volatility across risk assets.
On the daily chart, Bitcoin has confirmed a bearish breakdown from an ascending channel pattern that formed since late March. Historically, the article says this suggests fading upward momentum and raises the risk of a deeper correction.
The MACD has also printed a bearish crossover, indicating a shift in short-term momentum toward sellers and advising caution for traders considering new long positions.
Meanwhile, the Aroon indicator is described as mixed: Aroon Up remains elevated at 85.71%, while Aroon Down is relatively low. This implies the broader uptrend has not fully lost strength, and buyers may still be attempting to maintain control.
$80,000 is highlighted as a key psychological resistance, particularly with no rate cuts expected in the immediate future. If bulls break above it, the next targets cited are $85,000 and potentially $90,000.
On the downside, the article states that a sustained drop below $75,000 would confirm further weakness and could move Bitcoin toward the $70,000 support zone.
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