Bitcoin’s (BTC) attempt at a significant rally was snuffed out on Tuesday, but the crypto managed to hold the $27,000 level and was trading at $27,180 by late afternoon, up 1.4 % in the last 24 hours.
The broader CoinDesk Market Index (CMI) was ahead 1% for the day. Ether (ETH) was particularly underperforming, gaining just 0.1%.
Earlier on Tuesday, bitcoin hit 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) of the US Federal Reserve will conclude its two-day policy meeting on Wednesday. The FOMC is expected to keep its benchmark federal funds rate steady in a range of 5.25% to 5.50%, but market participants will focus 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 next FOMC meeting will take place in early November and investors currently believe there is a 70% chance that monetary policy will remain stable. A surprisingly hawkish trend toward updated economic projections or Powell’s comments could serve as a negative catalyst for crypto and traditional markets.
