Bitcoin maintains $21,000 level ahead of FOMC interest rate announcement
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Answer Bitcoin maintains $21,000 level ahead of FOMC interest rate announcement
After yesterday’s price dip below $21,000, Bitcoin regained some momentum and regained that level.
The performance of most cryptocurrencies today is mixed, with MATIC and Ethereum Classic emerging as the most impressive cryptocurrencies in the last 7 days.
Bitcoin at $21,000 ahead of the FOMC meeting:
After Bitcoin hit a high of more than $24,000 last week, the primary cryptocurrency started heading south on the news that Tesla sold most of its Bitcoin holdings in the second quarter.
Despite initially regaining some value and entering the weekend at around $23,000, the bears were in control and drove Bitcoin lower again.
The first significant price drop came on Monday morning when Bitcoin slumped to the $22,000 level.
Read:Crypto exchange Zipmex meets with the Securities Commission of Thailand to discuss its recovery plan
The same scenario was repeated on Tuesday when the cryptocurrency fell below $21,000 to a weekly low.
Bitcoin reacted quickly after the recent drop, as the coin managed to bounce back above the $21,000 level.
The asset is likely to be subject to more volatility later in the day as the Federal Reserve is expected to raise interest rates again, with some pointing to a more extreme increase.
Currently, the cryptocurrency market cap has added about $30 billion per day but it is still struggling below the desired trillion dollar streak from the crypto community.
As mentioned above, the crypto community is awaiting the interest rate announcement from the Federal Open Market Committee, which will inevitably have a direct impact on the Bitcoin price.
Read:Bitcoin Records Its Best Month in 2022…Is the Crypto Winter Over?
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