Bitcoin (BTC) traded below $65,000 on Wednesday as the Federal Reserve is widely expected to hold interest rates steady at 3.50% to 3.75% in Kevin Warsh's first meeting as Fed chair, with markets seeing little chance of a signal that cuts are imminent.
The foremost cryptocurrency was priced around $64,550, down nearly 2% on the day per The Block’s BTC price page, as investors stayed on the sidelines awaiting clarity on the U.S.-Iran agreement and the Fed's updated economic projections, due alongside the rate decision on Wednesday afternoon.
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"The key takeaway from the Fed meeting is that the market is set to get stability, not a pivot," said Lacie Zhang, a research analyst at Bitget Wallet. She said the Fed has not yet validated a broader liquidity rally, even as the Iran ceasefire and lower oil prices removed one source of inflation pressure.
Zhang said energy normalization may matter more than Fed policy in the near term, with WTI crude easing into the $80 to $85 range.
