Bitcoin Hangs On Just Above $27K

Bitcoin Hangs On Just Above $27K 

By Kapil Rajyaguru

Bitcoin’s attempt at a sizable rally was snuffed out Wednesday, but the crypto managed to hold the $27,000 level and was trading at $27,280, up 1.4% over the past 24 hours.

Ether was trading around $1645, up by 0.5% in the similar time frame.

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.       

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