Bitcoin Hangs on Just Above $27K as Markets Await Fed Rate Decision Today
Bitcoin’s (BTC) attempt at a sizable rally was snuffed out Tuesday, but the crypto managed to hold the $27,000 level and was trading at $27,180 late in the afternoon, up 1.4% over the past 24 hours.
The broader CoinDesk Market Index (CMI) was ahead 1% for the day. Notably, underperforming was ether (ETH), with a gain of just 0.1%.
Earlier Tuesday, bitcoin had rallied to its highest price in three weeks at $27,475, but – as has been the pattern for months – sellers quickly emerged.
The U.S. Federal Reserve’s Federal Open Market Committee (FOMC) will conclude its two-day policy meeting on Wednesday. The FOMC is universally expected to hold its benchmark fed funds rate steady at a range of 5.25%-5.50%, but market participants will be focused on the central bank’s updated economic projections and Chairman Jerome Powell’s post-meeting press conference for clues about the future direction of monetary policy.
