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.