With the FOMC meeting looming on markets worldwide, BTC has helped in a crypto uptrend by crossing its psychological resistance and rallying with support.
Positive expectations from the Federal Reserve have boosted the crypto market, with several tokens rallying ahead of their trading range. The crypto uptrend was led by Bitcoin, which is trading above $27000 after a spike to $27400. From the current trends, Bitcoin’s next resistance could form at $27500.
The overall crypto market cap surged to $1.08 trillion with the rise. BTC’s seven-day average returns have also turned positive with the rally. Most tokens witnessed an increase in their values while their market caps expanded.
Experts have narrowed their predictions to an interest rate pause in the FOMC meeting. If it goes accordingly, long-term investors could be motivated to enter the crypto market. As a result, the crypto market could see better volatility in the days ahead.
The crypto market cap could also increase further if Bitcoin continues its rally. If BTC is able to consolidate above $27500 after the FOMC meeting, it could surge above $28000 within September. Other macroeconomic indicators could still impact the crypto market in various ways, but the bullish momentum may continue.
BTC/USD 1D price chart
Bitcoin is currently trading at around $27000 on September 20, 2023, with BTC/USD trading higher by 0.8% in the last 24 hours. BTC/USD is trading higher than its 20-day EMA (26,269.11) as BTC’s 24-hour volume stabilized at around $14 billion. Bitcoin has seen around 63.68% returns on a year-to-date basis.