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

• Powell has indicated that the committee will assess the effects of previous rate rises.
• If the BTC price manages to go past the recent high of $27,460 the price is likely to rally further.

Bitcoin’s price trended upwards recently, and the cryptocurrency almost reached $27,500, its highest level in 20 days. In anticipation of a substantial upward momentum amid the impending FOMC meeting, Bitcoin has risen by 3.90% in the last week.

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.

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%.

All Eyes on FOMC Meeting

As the Federal Reserve 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.

At the time of writing, Bitcoin 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.

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.