Bitcoin traded at approximately $64,500 to $64,550 on Wednesday, ahead of the Federal Reserve's policy decision. The cryptocurrency saw volatile swings in the prior 48 hours, spiking to $66,700 before crashing to $62,400.
Reports on Bitcoin's daily change were conflicting. Two sources reported an increase of 1% and 0.75% respectively, while a third source reported a 0.45% decline, possibly due to different time windows or data sources. Ether also saw mixed reports: one source showed a 1.7% gain to $1,909, while others reported a decline of 0.13% and 2.3% respectively. XRP led major cryptocurrencies with a 2.6% gain.
Ahead of the Fed decision, approximately 70% of traders expect the central bank to keep rates at 3.50%–3.75%, while about 30% price in a quarter-point rate hike. Citadel Securities told clients it expects a surprise rate increase this week, and UBS said a rate increase would not surprise it. Inflation is running at 4.1%.
Total crypto market liquidations exceeded $630 million over the past day, with long positions accounting for $530 million. Bitcoin spot-trading volumes fell 75% from the late-2024 peak.
BTC ETFs attracted $19 million and ETH ETFs attracted $17.4 million in net inflows. The Crypto Fear & Greed Index stands at 34, indicating fear in the market. The probability of the CLARITY Act passing this year is estimated at 38%.
Key resistance for Bitcoin is identified at $65,800–$66,200, while key support is at $64,700. Outside crypto, gold is above $4,000 and silver gained 1.40%. S&P 500 and Nasdaq 100 index futures are both positive.