Key Points
- Bitcoin (BTC) price continues to remain around $64k ahead of the FOMC meeting that takes place today.
- The recent market volatility was not enough to push the Crypto Fear and Greed Index down.
The Fed meeting is set to take place today, and Bitcoin continues to struggle around $64k.
The other day, the world’s largest crypto dropped in price just above $60k just before it was able to rebound. At the moment of writing this article, Bitcoin is trading in the green, and it’s priced just a bit above $64k, 1% up in the past 24 hours.
BTC’s price has been fluctuating around $64k in the past hour.
The other day, BTC saw a high wave of selling pressure right after the daily close, and the coin experienced an 8% price drop.
The strong market volatility was not enough to send the Crypto Fear and Greed Index into the fear section, and the meter is showing Greed at the moment.
Later today, there is another U.S. Federal Open Markets Committee press conference taking place and Jerome Powell, Federal Reserve Chair, is expected to announce whether the interest rates will be adjusted. He’ll also share the committee’s outlook on the U.S. economy.
Also, the US dollar strengthened, and the DXY peaked right above 104.
These are the key factors affecting Bitcoin’s price volatility these days, along with the announcement that Japan’s Central Bank decided to raise rates for the first time since 2007. Not to mention the outflows that Grayscale Bitcoin Trust (GBTC) marked on March 18, reaching a record of $642 million.
FOMC meetings trigger market volatility
The Fed’s meetings have a history of triggering volatility in the markets. Crypto investors are hoping that the Fed will decide to make three quarter-point cuts by the end of the year. They hope that the benchmark rate will be brought to a rate of 4.6%.
According to the CME FedWatch tool, about 99% of investors don’t believe that the Fed will be announcing a cut today.
The FOMC meeting is expected later today, about 5 hours from now.