Bitcoin has entered a range-bound trading phase as volatility declines, with market participants focusing on macroeconomic factors. According to QCP Capital, the geopolitical risk premium has diminished, leading investors to concentrate on policy direction and interest rate trajectories. The Federal Reserve's FOMC decision, expected today, is anticipated to maintain current rates, but any hawkish comments from Chair Powell could impact financial conditions. Market attention is also on potential changes in Fed leadership, with Kevin Warsh emerging as a contender. His hawkish views on inflation could affect liquidity-driven assets, including cryptocurrencies. Bitcoin's recent strong performance, bolstered by ETF inflows and institutional interest, has now shifted to a consolidation phase. The crypto market remains sensitive to real interest rates and dollar strength, with future movements likely influenced by Fed signals and macroeconomic data.