On Tuesday, cryptocurrency prices experienced a slight increase as investors prepared for the conclusion of the Federal Reserve’s two-day policy meeting on Wednesday. Bitcoin, which had dropped below the $28,000 level the day before, was trading back above it, rising over 1.3% to $28,239.75. Meanwhile, Ether rose 2.4% to $1,799.12. The latest policy decision from the Fed’s March meeting, which is set to conclude on Wednesday afternoon, is eagerly awaited by investors. The central bank is expected to raise interest rates by 25 basis points, according to CME Group’s FedWatch tool, with an 83% chance of a quarter-point increase. While some attribute the recent crypto rally to diminishing confidence in centralized institutions, others believe that inflation and Fed policy remain the primary drivers of bitcoin’s price.
Although bitcoin has benefited from recent banking issues, expert warns of “upside exhaustion signals on both daily and weekly timeframes” as it approaches “very heavy resistance in the 28k-30k range.” Despite this, bitcoin is up approximately 21% for the month and 70% from Jan 2023.
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