Bitcoin Price Holds $60,000 As Crypto Markets Prepare For FOMC Meeting Today (Market Watch)

After Monday’s brief pullback, bitcoin went on the offensive yesterday, breaking above $60,000 and $61,000 to mark a three-week high.

Crypto markets are expected to face increased volatility today and tomorrow as the US Federal Reserve is set to meet to discuss a cut in key interest rates.

BTC hovers above $60,000

The major cryptocurrency ended last week on a very positive note as bulls pushed it from below $58,000 to nearly $61,000 on Friday and Saturday morning. It was expected to calm down over the weekend, but was still mostly above $60,000.

The picture worsened on Monday when the asset fell more than two thousand in hours and fell to $57,500. However, the bulls took control once again on Tuesday afternoon, starting a remarkable rally that took bitcoin to $61,300. This became its highest price in three weeks.

Although it has retreated more than $1,000 from that local peak, BTC is still up 2.5% on the day and remains north of $60,000. More price swings are likely later today as the US Federal Reserve holds its first FOMC meeting in two months.

Recall that Fed Chairman Jerome Powell hinted last month that the time has come for the central bank to start cutting interest rates, which will likely have a substantial impact on the entire crypto market.

Bitcoin/Price/Chart 18.09.2024. Source: TradingView SUI, TAO, IMX on the Run

Most of the larger cap alternatives are quite slow on a daily basis. ETH, DOGE, BNB and TRX are slightly in the green, while SOL, XRP, AVAX, TON, SHIB, LINK and BCH have seen negligible losses.

The situation with mid-caps is much more bumpy. SUI, TAO and IMX have shot up 6-8% daily. As a result, SUI is trading at $1.2, TAO is near $320, while IMX is above $1.35.

The total crypto market capitalization has gained around $30 billion overnight and stands at $2.170 trillion in CG.

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