Bitcoin Holds $80K Range as Traders Price in 90% Odds of September Rate Hike

Bitcoin has held around $77,000 as the crypto market waits for the Fed’s interest-rate decision this week. According to data shared by Fox News, the Federal Reserve is anticipated to increase interest rates by 25 basis points for September this week. Market experts now bet on a 90% likelihood of a rate hike at Wednesday’s Fed policy meeting.

After touching $81k last month on August 27, the asset slipped back to the $76k-$78k range, where it has hovered over the last two weeks. This retreat signals a cool-off in momentum after the recent market rally that helped it recover from a low of $59k to a high of $81k.

September rate decision shows high hike odds

Data shared today by Fox News revealed part of the reason for BTC’s retreat that saw it hold its value firmly around the $76,000-$78,000 region after recently pushing above $80,000 and climbing roughly to $81,200. Today, the token traded at $78,626, down 0.8%, and was down 0.0% over the past week and 14 days, showing firm consolidation in the region.

Trading around this level suggests the asset has been ‘holding its breath’ ahead of the Fed’s upcoming interest rate decision in September. This week, on Wednesday, September 16, the institution will announce its interest rate decision.