Bitcoin holds steady at $74,000 as traders turn cautious before Fed meeting

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Bitcoin holds steady at $74,000 as traders turn cautious before Fed meeting BTC consolidated with subdued volatility, while derivatives positioning and macro uncertainty signaled cautious market sentiment. By Oliver Knight , Omkar Godbole | Edited by Sheldon Reback Mar 18, 2026, 10:37 a.m. Make us preferred on Google Bitcoin stabilizes ahead of FOMC meeting (Jesse Hamilton/CoinDesk) What to know : Bitcoin is hovering around $74,200 after peaking near $76,000 on Tuesday, with trading volume down 33%, suggesting a pause in bullish momentum as traders take profits and await signals for a clearer direction. Stalled futures open interest and slightly negative funding rates across major tokens indicate reduced appetite for new longs and a tilt toward defensive or short positioning ahead of the Fed meeting. Markets remain in a risk-sensitive holding pattern due to geopolitical tensions and Fed uncertainty, even as altcoins like ZEC and MORPHO outperform and the altcoin season index hits a six-month high. Bitcoin BTC $ 74,057.54 consolidated following Tuesday's jump to $76,000 alongside a 33% drop in daily trading volume to $36.9 billion. The largest cryptocurrency has added just 0.4% since midnight UTC after bouncing off $73,500 as it looks to establish a new level of support ahead of a potential bullish breakout. While analysts predicted a fast move to $80,000 after $72,000 was taken out, price action has actually been much more measured. Traders with long positions took profits and those who were forced out of short positions are waiting on the sidelines to reenter. Volatility has also retreated in commodities gold, silver and crude oil, with the war in Iran continuing to put complete risk-on mode on hold. U.S. stocks are beginning to experience a period of prolonged upside; Nasdaq 100 futures are up 0.66% since midnight UTC, followed by the S&P 500, which has gained 0.5%. Investors will be keeping a close eye on Wednesday's Federal Reserve meeting because although a rate pause is all but certain, increased inflation numbers due to the surge in oil prices and weaker job numbers in the U.S. could influence sentiment at the post-decision press conference. Derivatives positioning Growth in bitcoin futures open interest (OI) on major exchanges has stalled alongside slightly negative fund rates. That's a sign that traders are not adding new bullish positions and bears are getting a slight edge. OI in ETH, XRP and SOL fell from early Tuesday highs as spot prices lost bull momentum. This suggests traders are unwinding positions, pointing to a cooling of speculative activity. OI in privacy-focused ZEC, which has gained nearly 4% in 24 hours and 31% in a week, has risen to 1.75 million ZEC, the most since Jan. 25. The increase in OI validates the recent price rise. Funding rates for XRP, BNB and SOL have flipped negative, indicating a bias for bearish short positions. Traders may be hedging for potential downside volatility after the Fed meeting. Bitcoin's one-day implied volatility, or the expected price swing over 24 hours, remains steady at around an annualised 50%. That equates to a 24-hour move of about 2.6%. In other words, the market doesn't see the impending Fed meeting as a major price mover for the largest cryptocurrency. The same can be said for ether, solana and XRP. On Deribit, options market positioning looks defensive in both bitcoin and ether, with skews showing a bias for put, or bearish, options. Block flows featured demand for limited profit potential strategies such as bitcoin call diagonal spreads and volatility bets like straddles. In ETH's case, traders preferred risk reversals and straddles. Token talk The altcoin market continues to show strength with the "Altcoin Season" index hitting its highest in six months. The reading of 54/100 is a far cry from early February, when it languished at 22/100. Privacy coin zcash (ZEC) was one of the best-performing altcoins on Wednesday, adding 3.4% since midnight despite the rest of the market trading relatively unchanged. It has now increased by 32% in the past week. Decentralized finance (DeFi) lending token MORPHO also continued its rich vein of form after rising by 2.3% since midnight to add to a monthly gain of 33%. The best-performing benchmark over the past 24 hours has been the CoinDesk Smart Contract Platform Select Capped Index (SCPXC), with the index heavily weighted towards layer-1 tokens posting a 0.8% gain, while the CoinDesk Memecoin Index (CDMEME) lost ground, tumbling by 2.7%. Markets Bitcoin News More For You Bitcoin is stuck below $75,000 even after landmark SEC, CFTC crypto rules By Omkar Godbole | Edited by Sheldon Reback 1 hour ago Bitcoin remains stuck near key resistance around $75,000, leaving the broader market in limbo. What to know : Bitcoin remains stuck near $75,000 ahead of a closely watched Federal Reserve interest-rate decision even after U.S. regulators clarified which crypto assets they consider to be securities. The U.S. securities and commodities regulators issued joint guidance that divides crypto tokens into five categories, aiming to clarify how federal laws apply to each. The new framework moves away from case-by-case enforcement, signaling that many tokens are not automatically securities and that most non-security assets will fall under lighter CFTC oversight. 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