Bitcoin faces downward pressure near $75,787 as aggressive Fed rate hike expectations and rising oil prices dampen investor appetite, breaking a recent streak of ETF inflows.
Bitcoin trades below key support with potential for range-bound movement ahead of Fed decision and ETF outflows.
Brent crude surged after Saudi pipeline shutdown, adding inflationary pressure and complicating Fed policy.
Bank of America's rate hike expectations are cited as a factor for Bitcoin's potential lower range.
Bitcoin trades at $75,787, struggling to maintain support as investors brace for a Federal Reserve rate hike and potential further monetary tightening. With $462.7 million in recent ETF outflows and Brent crude prices surging following a Saudi pipeline shutdown, market sentiment remains cautious ahead of the upcoming Q4 transition.
Higher interest rates typically increase the cost of capital and boost Treasury yields, which often reduces demand for risk-on assets like Bitcoin.
Analysts expect Bitcoin to remain range-bound between $74,000 and $78,000, contingent on the Fed's dot plot guidance and stabilization in energy markets.