Bitcoin clings to 100K ahead of tomorrow’s FOMC meeting
Key Takeaways
- Bitcoin remains above $100,000 ahead of the FOMC meeting.
- Fears of hawkish comments from Fed Chair Powell fuel caution, with broader markets showing pre-meeting volatility.
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Bitcoin is holding tightly to the $100K mark as traders brace for tomorrow’s Federal Open Market Committee (FOMC) meeting.
After a 3% correction during Tuesday afternoon hours, the token recovered, reflecting cautious optimism among investors ahead of key policy remarks.
The Federal Reserve is widely expected to keep interest rates steady at 4.25%-4.5%, with the CME FedWatch tool showing a 97.3% probability of no change.
Markets remain cautious about potential hawkish comments from Fed Chair Jerome Powell that could pressure Bitcoin and other risk assets.
The crypto market experienced turbulence earlier this week, dropping 8% on Monday morning following news about DeepSeek, a Chinese AI model that demonstrated performance similar to OpenAI’s GPT-4o at lower costs.
The announcement triggered a broader market selloff, erasing $1 trillion in global market value, with Nvidia shares falling more than 20% before recovering.
Bitcoin dropped to $98,000 on Monday before climbing to $104,000 early Tuesday. The digital asset was trading just above $100,000 at press time.
Crypto analyst Jelle commented on the crypto market’s overall performance, emphasizing its long-term strength despite short-term volatility.
“Higher timeframe charts look good. FOMC tomorrow, first one in the new Trump Administration. Should be volatile until then, probably wise to stay off the LTF charts, and ignore the volatility. Don’t get shaken out, boys,” Jelle remarked.
Traders are monitoring Powell’s upcoming remarks for insights that could influence Bitcoin’s trajectory and broader market sentiment.
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