Bitcoin price bounce rejected at 50-day trend line ahead of FOMC, earnings

Bitcoin (BTC) gave back early gains around Wednesday’s Wall Street open as markets prepared for the US Federal Reserve’s interest-rate decision.

Bitcoin fell around 0.3% on Wednesday after upside volatility failed to sustain past $81,687.

US stock markets tracked sideways into the run-up to the Federal Open Market Committee’s (FOMC) interest-rate decision and press conference after South Korea’s KOSPI gained 6.6%.

BTC/USD stalled below its 50-day simple moving average at $81,831, which acted as local resistance.

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Data from TradingView showed BTC/USD failing to break beyond $81,700, instead reversing to as low as $80,297 on Bitstamp. At the time of writing, the pair was down 0.3% on the day.