Fed decision tonight will likely decide whether Bitcoin gets past $80k

Bitcoin's price movement, hovering between $73,000 and $74,600, hinges on the Federal Reserve's policy decision and updated projections regarding inflation, growth, and unemployment, especially in light of rising energy prices from the Middle East conflict. While the policy rate is expected to remain unchanged, market focus is on forward guidance and the 'dot plot' from Chair Jerome Powell. The Fed faces a complex backdrop of weakening labor indicators and persistent inflation above target, complicated by higher energy costs. A restrictive stance or cautious signaling on rate cuts from the Fed could dampen risk appetite, potentially pinning Bitcoin below the key $80,000 level. Adding complexity is the uncertainty surrounding Powell's term end and the confirmation of his potential successor, which influences medium-term policy outlooks. Despite macro uncertainty, institutional support remains strong, evidenced by consecutive Bitcoin ETF inflows and aggressive accumulation by firms like Strategy, suggesting a solid floor near the mid-$60,000s, making a push past the $80,000 options strike level a critical test.

(Source：CryptoSlate)