Bitcoin (BTC) lost its early gains on Wednesday as the cryptocurrency struggled to break above its 50-day moving average ahead of the US Federal Reserve’s interest-rate decision and major technology earnings.
Bitcoin briefly reached $81,687 before reversing to around $80,297 on Bitstamp. The price was down approximately 0.3% as traders monitored market conditions and the Federal Open Market Committee (FOMC) meeting.
Markets largely expected the Fed to keep interest rates unchanged at 3.75% to 4%. According to CME Group’s FedWatch Tool, the probability of a rate pause stood at 90.6%, while expectations for December included a potential 0.25-percentage-point rate hike
Bitcoin’s 50-day simple moving average at $81,831 remained a key resistance level. Crypto analyst Keith Alan warned that a four-hour close below $80,565 could reduce the likelihood of another attempt to test that resistance.
Meanwhile, on-chain analytics firm Glassnode reported that buying orders were shifting toward lower price levels. Only $3.4 million in buy orders remained near $80,000, while approximately $42 million in bids had accumulated between $78,000 and $79,000. This zone could become an important support area if Bitcoin faces further selling pressure.
Investors are also watching major technology earnings and comments from Fed Chair Kevin Warsh for signals about economic conditions and market sentiment. These developments could influence Bitcoin’s next move as traders assess the possibility of further volatility.
