Bitcoin’s (BTC) attempt to make a sizable advance failed on Tuesday, but the cryptocurrency managed to hold on to the $27,000 mark and was trading at $27,180 by late afternoon, up 1.4% in recent times corresponds to 24 hours.
The broader CoinDesk Market Index (CMI) was up 1% on the day. Ether (ETH) performed significantly worse with an increase of just 0.1%.
By early Tuesday, Bitcoin had risen to its highest price in three weeks at $27,475, but – as has been the case for months – sellers quickly emerged.
The Federal Open Market Committee (FOMC) will conclude its two-day monetary policy meeting on Wednesday. The FOMC is widely expected to keep its key interest rate stable in a range of 5.25% to 5.50%, but market participants will focus on the central bank’s updated economic forecasts and Chairman Jerome Powell’s post-meeting press conference to To obtain clues about the future direction of monetary policy.
The next FOMC meeting is in early November and investors are currently pricing in a 70% chance of continued stable policy. An unexpectedly hawkish stance on the updated economic forecasts or Powell comments could act as a negative catalyst for both the crypto and traditional markets.