Bitcoin held $77,000 as traders awaited the Fed's next move. The rest of the crypto market gave back recent gains while oil surged past $111 on geopolitical tension. Reports of an extended U.S. naval blockade against Iran sparked the oil rally and likely kept crypto traders cautious ahead of the central bank decision.
Bitcoin's relative stability stands out against broader market weakness. Oil's jump to $111 reflects real-world risk that typically pressures risk assets in the short term. The Fed announcement looms as the next catalyst. Rate cuts or hawkish signals could shift Bitcoin's trajectory quickly.
Geopolitical risk is back on the radar. Iran tensions don't directly move crypto markets, but they do signal broader macro uncertainty. That uncertainty typically keeps traders defensive and volatility elevated. Bitcoin's hold of $77,000 suggests the market hasn't panicked yet, but conviction is clearly light until we hear from Powell.