Bitcoin Value Remains Above $27,000 Prior to FOMC Meeting

• Powell has suggested that the committee will evaluate the impact of prior rate increases.
• If the BTC price succeeds in surpassing the recent peak of $27,460, it is likely to experience further gains.

Recently, Bitcoin’s price has shown an upward trend, nearing $27,500, which marks its highest point in 20 days. In anticipation of significant upward momentum leading up to the forthcoming FOMC meeting, Bitcoin has appreciated by 3.90% over the past week.

This development is expected to bolster investor confidence as encouraging indicators emerge. Nevertheless, some of its recent advancements have been reversed, yet it remains above the $27,000 threshold at present.

Today, the Federal Open Market Committee is anticipated to reveal its decision regarding interest rate adjustments. It is broadly expected that the FOMC will keep the current target range at 5.25%-5.5%.

All Eyes on FOMC Meeting

As the Federal Reserve approaches the end of its rate-increasing cycle, Chair Jerome Powell has indicated that the committee will review the effects of earlier rate hikes. The market is observing whether Bitcoin can maintain its recovery above $27,000 and break through the $31,000 resistance level, or if it will fall back to the $25,000 support level.

Source: CoinMarketCap

At the time of this report, Bitcoin is trading at $27,083, reflecting a decline of 1.16% in the last 24 hours according to data from CMC. Should the price exceed the recent high of $27,460, it is likely to rally further towards the $28,000 resistance level.

Conversely, if the price falls below the critical support level at $25,000, a further drop to $22,000 is quite probable. According to the CME FedWatch Tool, there is a 99% likelihood that the FOMC will pause at their next meeting today. Investors and traders are closely monitoring the upcoming event to determine the next course of action.