Bitcoin Price Risks Bearish Weekly Close Before Fed Rate Hike Decision

Key Insights:

• Bitcoin price holds near $77,255 ahead of Wednesday’s Fed rate-hike decision.
• August core CPI lifts September hike pricing from 70% toward 90%.
• Weekly EMA resistance and a falling wedge support frame Bitcoin’s technical range.

Bitcoin price holds near $77,255.91 as traders assess Wednesday’s Fed rate hike decision and a bearish weekly close. CoinGecko shows BTC price down 0.1%, within a $76,515.84–$77,377.37 daily range.

Bitcoin’s market capitalization stands at $1.552 trillion, while volume totals $16.024 billion. It has lost 3% weekly and 2.1% over 14 days.

However, Bitcoin price is up 23.2% monthly, while its one-year return is down 33.4%. This recent pressure on BTC price coincides with rising expectations for higher U.S. borrowing costs.

Bitcoin Price Tests Two Technical Structures

Given that performance, Rekt Capital sees BTC price risking a weekly close below its 50-week exponential moving average. He says the signal needs confirmation through a later rejection that converts the average into resistance.

His comparison points to Bitcoin’s earlier test of the 21-week EMA, which initially operated as support. Price later lost that average, dropping from the mid-$70,000s to the low-$60,000s.