- Bitcoin remains range-bound ahead of the Fed’s decision, with support holding near $90,000.
- Traders are waiting for a clear catalyst to drive the next big move.
The Bitcoin market continues to tread water as traders anxiously await key economic signals, particularly from the Federal Reserve’s policy meeting set to conclude Wednesday. With uncertainty hanging in the air, price action has reflected hesitation, with Bitcoin pulling back slightly in early Tuesday trading.
At the time of writing, Bitcoin is down around 0.52%, with technical indicators suggesting short-term support near the $93,000 level. Beneath that, the more critical $90,000 mark—reinforced by the 50-day Exponential Moving Average (EMA)—stands as a stronghold of market memory. Historically acting as resistance, it is now viewed as a reliable support zone.
Also read: Crypto Market Pulls Back After April Rally: Bitcoin, Ethereum and Altcoins Face Key Levels
The broader sentiment remains cautious. Traders and investors alike are waiting for clarity on risk appetite, which remains subdued. Until there is more certainty from central bank policy or macroeconomic cues, market participants appear unwilling to commit heavily to risk assets like Bitcoin.
Still, the overall bias in the market remains bullish. The primary debate isn’t if Bitcoin will move higher, but when and how. Will the market dip further before a rally, or are we on the verge of a direct breakout?
The upcoming Federal Open Market Committee (FOMC) statement is widely seen as a potential catalyst. Any hints from the Fed regarding interest rate cuts or shifts in monetary policy could quickly change the landscape—not just for Bitcoin, but for risk assets across the board.
For now, Bitcoin remains in a holding pattern. Investors should watch the $90,000–$93,000 support range closely while keeping an ear to economic headlines. A breakout is likely—what’s unclear is which spark will light the fuse.
