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Bitcoin Hangs on Just Above $27K Ahead of Fed Rate Decision
The Fed on Wednesday is widely expected to hold rates steady, but investors will monitor new economic projections and Chairman Powell's press conference for clues about the direction of future policy.
Updated Sep 20, 2023, 4:58 p.m. Published Sep 19, 2023, 8:34 p.m.
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%.
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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 results of the Fed policy meeting come tomorrow
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.
The FOMC’s next meeting is at the start of November, and investors are currently pricing in a 70% chance of continued steady policy. An unexpectedly hawkish lean to the updated economic projections or Powell comments could serve as a negative catalyst to both crypto and traditional markets.
Read more: Bitcoin’s Crypto Market Dominance Rises to 50% and It Could Go Higher, Say Analysts
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
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- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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