The crypto market remains uncertain about what comes next.
Bitcoin recovered to $64316 on Wednesday, gaining 1.42% over the past 24 hours while remaining 2.62% lower over the week.
The market is focused on the Federal Reserve meeting. The base case is for the policy rate to remain unchanged within the 3.50%–3.75% range, although the probability of a hike stands at around 30%, keeping investors on edge.
Another risk comes from the CLARITY Act. New York Attorney General Letitia James has proposed banning the conversion into US dollars of crypto assets whose origin cannot be traced. Such a provision could deal a serious blow to Monero, Zcash and the broader privacy coin segment. The market has largely ignored this risk so far, as the bill remains stalled in the Senate.
For Bitcoin, the key resistance zone is located at $64970–$65538. A return above $65000 would significantly strengthen the position of buyers, while a decline toward $61824 would worsen the technical outlook. The next move will depend not only on the Fed’s decision, but also on Kevin Warsh’s comments at the press conference.
The total cryptocurrency market capitalization stands at $2.20 trillion. Bitcoin accounts for 58.8% of the market, while Ethereum’s share is 10.5%.