Reserve

FOMC

Jerome Powell

Chair

Bitcoin

<ul> 
 <li><strong>Powell has indicated that the committee will assess the effects of previous rate rises.</strong></li> 
 <li><strong>If the BTC price manages to go past the recent high of $27,460 the price is likely to rally further.</strong></li> 
</ul> 
<p>Bitcoin’s price trended upwards recently, and the cryptocurrency almost reached $27,500, its highest level in 20 days.&nbsp; In anticipation of a substantial upward momentum amid the impending FOMC meeting, Bitcoin has risen by 3.90% in the last week.</p> 
<p>No doubt it will restore investor confidence as positive signs emerge. However, some of its recent gains have been erased, but it’s still over $27,000 mark at the moment.</p> 
<p>Today, the Federal Open Market Committee is expected to announce whether or not it will increase interest rates. It is widely anticipated that the FOMC would maintain the current target range of 5.25%-5.5%.</p> 
<h3 class="wp-block-heading" id="h-all-eyes-on-fomc-meeting">All Eyes on FOMC Meeting</h3> 
<p>As the <a href="https://thenewscrypto.com/federal-reserve-requires-approval-for-banks-engaging-in-stablecoin/" target="_blank" rel="noopener noreferrer nofollow">Federal Reserve</a> nears the conclusion of its rate-hiking effort, Chair Jerome Powell has indicated that the committee will assess the effects of previous rate rises. The market is waiting to see whether Bitcoin can sustain a recovery above $27,000 and break through the $31,000 resistance level, or if it will retreat to the $25,000 support level.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-full"> 
  <img decoding="async" width="661" height="356" src="https://thenewscrypto.com/wp-content/uploads/2023/09/BTC_7D_graph_coinmarketcap-4.png" alt="" class="wp-image-82637" srcset="https://thenewscrypto.com/wp-content/uploads/2023/09/BTC_7D_graph_coinmarketcap-4.png 661w, https://thenewscrypto.com/wp-content/uploads/2023/09/BTC_7D_graph_coinmarketcap-4-300x162.png 300w, https://thenewscrypto.com/wp-content/uploads/2023/09/BTC_7D_graph_coinmarketcap-4-150x81.png 150w" sizes="(max-width: 661px) 100vw, 661px"> 
  <figcaption class="wp-element-caption">
    Source: <a href="http://CoinMarketCap.com" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a> 
  </figcaption> 
 </figure> 
</div> 
<p>At the time of writing, <a href="https://thenewscrypto.com/nomura-group-launches-bitcoin-fund-for-institutional-investors/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> is trading at $ $27,083, down 1.16% in the last 24 hours as per data from CMC. If the price manages to go past the recent high of $27,460 the price is likely to rally further all the way till $28,000 resistance level.</p> 
<p>On the other hand, if price goes below the key support level at $25,000 then a further decline to $22,000 is highly likely. There is a 99% chance that the FOMC will take a break at their next meeting today, according to the CME FedWatch Tool. Investors and traders are keenly watching the upcoming event to confirm the next move.</p>

Bitcoin Price Hovers Above $27,000 Ahead of FOMC Meeting

Table of Contents

TheNewsCrypto

Other articles published on Sep 20, 2023

Interactive Brokers Taps Zero Hash to Integrate Crypto Custody Services

Burn & Mint Smart Contract

Ethereum (ETH) Reaches 2023 Low Against Bitcoin (BTC)

SHIB Burns Suddenly Jump While New Shibarium BONE Tracker Emerges

Terra Luna Classic Price Prediction as Bears Push LUNC Down 0.4% – Is the Sell-Off Over Now?

Former Deutsche Bank Investment Banker Faces up to 30 Years in Prison for Crypto Fraud

Join our free newsletter for daily crypto updates!