Bitcoin (BTC) gave back early gains around Wednesday’s Wall Street open as markets prepared for the US Federal Reserve’s interest-rate decision.
Key points: Data from TradingView showed BTC/USD failing to break beyond $81,700, instead reversing to as low as $80,297 on Bitstamp
At the time of writing, the pair was down 0.3% on the day. US stocks opened flat ahead of the Federal Open Market Committee (FOMC) meeting statement and press conference from Fed chair Kevin Warsh. Markets overwhelmingly expected officials to hold rates in their current 3.75-4% range, with the focus instead on Warsh’s language and comments on the economy.
Data from CME Group’s FedWatch Tool showed 90.6% odds of a pause at Wednesday’s FOMC, while the outcome for the December meeting remained a 0.25% rate hike. Fed target-rate probabilities (screenshot).