Bitcoin has been trading within a narrow range for the past three days after successfully defending the $25,500 support. Investors are now focused on the U.S. Federal Reserve's interest rate decision, which will be announced on June 14.

The Fed's decision will impact the cost of capital for investors, and the market is pricing in a 94% chance of a pause at the June meeting.

Additionally, the U.S. Treasury is set to issue over $850 billion in new bills between now and September, which could cause higher yields and borrowing costs for companies and families.