Bitcoin stabilized near the $77,000 level on Wednesday, as investors await the U.S. Federal Reserve’s monetary policy decision, while also assessing the implications of the potential continuation of U.S. pressure policy on Iran and its impact on global markets.
The world’s largest cryptocurrency rose slightly, trading around $77,045.
Analysts noted that the $78,000 to $79,500 range has become a key technical resistance zone, where repeated profit taking is limiting further upside momentum. This reflects a market that is gradually improving but still lacks a clear and sustainable upward trend.
Markets widely expect the Federal Reserve to keep interest rates unchanged, with investors focusing on forward guidance for signals about the future path of monetary policy, especially amid rising oil prices.
The current meeting is also seen as potentially the last under Jerome Powell’s leadership, with speculation that Kevin Warsh could be among the leading candidates to succeed him.
On the geopolitical front, uncertainty has increased as reports suggest the U.S. administration is considering an extended economic blockade on Iran, rather than military escalation or de escalation, as part of a long term pressure strategy.
This follows Iran’s rejection of a three phase proposal aimed at reopening the Strait of Hormuz and postponing nuclear negotiations, which Washington considered insufficient.
Oil prices have surpassed $110 per barrel, heightening concerns over rising global inflation.
Markets have also shown weakness in trading positions, with cryptocurrency liquidations exceeding $290 million in a single day.
Bitcoin price action remains range bound, with resistance persisting near the $80,000 level, while the $76,000–$77,000 range is considered a critical near term support zone.
In altcoin markets, most digital assets posted limited movements. Ethereum edged slightly higher to around $2,325, while XRP remained stable. Solana and Cardano recorded modest gains, Polygon rose slightly, and Dogecoin posted notable increases.
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