Bitcoin held steady at $74,000 as traders turned cautious before the Federal Reserve meeting, with the cryptocurrency consolidating amid subdued volatility. Derivatives positioning and macro uncertainty signaled cautious market sentiment as investors awaited potential policy guidance.
The cryptocurrency's recent rally faces 'sell the news' risk ahead of the Fed decision, according to market analysis. Markets are pricing in a Fed hold and limited rate cuts ahead, while post-meeting weakness has historically dominated trading patterns based on data from Two Prime.