Bitcoin, Ethereum, XRP Trade Sideways Ahead Of Powell's Final Meeting As Fed Chair

Bitcoin held near $76,000 while major altcoins remained subdued, as traders positioned cautiously ahead of the Federal Open Market Committee meeting.

Notable Statistics:

• Coinglass data shows 67,855 traders were liquidated in the past 24 hours for $192.38 million.       
• SoSoValue data shows net outflows of $263.2 million from spot Bitcoin ETFs on Monday. Spot Ethereum ETFs saw net outflows of $50.5 million.
• In the past 24 hours, top gainers include Humanity Protocol, siren and Terra Classic.

Notable Developments:

• BlackRock Strikes Fresh Crypto Partnership As Bitcoin ETFs Continue To Boom
• Cardano Founder Warns Quantum Threat ‘Coming Faster Than Expected’
• Why XRP Bulls May Want To Wait For Bitcoin To $60,000 Before Accumulating
• Bitcoin’s Path To $100,000 Will Be Rocky, Galaxy Digital CEO Michael Novogratz Says
• Michael Saylor Says Financial Giants Will Cause ‘Massive Supply Shock’ For Bitcoin
• Jack Dorsey Opens Block’s $2.2 Billion Bitcoin Reserves To Public View

Trader Notes:

Bitcoin technical analyst CryptoCon said Bitcoin is facing strong resistance around the $78,000 level, where multiple indicators, including the Simple Bands midline, are acting as a ceiling.

He noted that this zone has historically triggered either rejection or extended consolidation, like patterns seen in past market cycles. However, outcomes can vary depending on macro conditions, as seen in 2022.

Trader Michael van de Poppe described the current pullback as a typical pre-FOMC correction, driven by uncertainty around Federal Reserve policy.

He said such dips are common before major macro events as traders reduce risk exposure. Despite short-term weakness, he maintained a broadly bullish outlook if Bitcoin holds above approximately $73,000.

Ted Pillows highlighted a key liquidity cluster between $75,000 and $75,500, where strong buy orders appear concentrated. On the upside, significant sell pressure is seen near $79,000 to $80,000, forming a clear resistance band.

He warned that if Bitcoin breaks below $75,000, there is relatively limited support until the $70,000 region, making that area critical for short-term structure.

Image: Shutterstock