Bitcoin Holds Near $74,000 as Options Skew Stays Defensive Amid Fed Policy Week

Bitcoin is trading around $74,000 within its recent range and has yet to break above its latest highs, with spot demand concentrated near the lower end while volumes remain light, QCP Capital said in its daily market note. Thirty-day implied volatility hovers near 50 above realized levels, keeping carry positive and supporting short-vol strategies, while thirty-day risk reversals still price puts richer than calls, suggesting traders hold long bitcoin exposure but continue to pay for downside protection. QCP adds that BTC is likely to remain range-bound this week as a macro-sensitive asset, with oil near $100, sticky inflation and major central bank decisions led by the Fed shaping rate expectations and limiting clean trend signals.