The move marked Bitcoin’s third reversal in eight sessions around the $79,000 level as traders awaited interest-rate decisions from the Federal Reserve (U.S. central bank) and the European Central Bank (euro area central bank).
Bitcoin rose to a 12-week high of $79,399 before pulling back again near the $79,000 level. The reversal was the third such move in eight sessions, showing that the area around $79,000 has recently acted as a point of resistance, where selling pressure has interrupted upward momentum. The price action came ahead of scheduled rate decisions from the Federal Reserve (U.S. central bank) and the European Central Bank (euro area central bank), events that often influence risk assets including cryptocurrencies through their impact on liquidity expectations, bond yields, and the U.S. dollar.