After surpassing $28,000 for the first time in nine months, bitcoin has been trading in a tight range between $27,300 and $28,350 over the past 24 hours, as investors await a decision by the Federal Reserve on interest rates on Wednesday. Traders are predicting a 25 basis point increase. The worldโs largest cryptocurrency appears to be stalling at about $28,000. Swissblock Insights wrote in a report that the market appears to be betting on a 0.25 percentage point rate hike. โIf the Fed proceeds to raise rates, the market shouldnโt react as aggressively. If the Fed pauses, however, we will see a strong move to the upside,โ the report stated. โWe expect volume to decrease and bitcoinโs price action to lose some steam going into the meeting.โ Altcoins were down, with most losing 5% over the past 24 hours.
Bitcoin Holds Steady at $28K Before Fed Meeting
