Will the Upcoming FOMC Meeting Trigger Bitcoin Price Rally?

• The Federal Open Market Committee meeting will be held on Wednesday at 18:00 UTC.
• Bitcoin (BTC) soared over 1.5% in the last 24 hours.

This year, the price of Bitcoin (BTC), the largest cryptocurrency in the world by market cap, has surged more than 73%. The Bitcoin price rally resulted from the ongoing banking crisis and macroeconomic concerns in the US. Also, the upcoming Federal Open Market Committee (FOMC) meeting is expected to have a positive outcome for the cryptocurrency market.

The Fed will make its interest rate decision public on Wednesday at 18:00 UTC. Federal Reserve Chairman Jerome Powell will speak at the post-meeting press conference 30 minutes later. 

The Fed Committee will discuss the best way to accomplish the central bank’s longer-term objective of bringing inflation down to its target rate of 13.3%. Further, some analysts believe that the rally may hit a temporary bump if Fed Chairman Powell chooses not to announce the highly anticipated pause in the tightening cycle.

Currently, BTC has experienced ups and downs, and for the past week, the biggest digital assets have lost over 2%. At the time of writing, Bitcoin traded at $28,507 with a 24-hour trading volume of 416.7 billion, which soared around 6.5%. 

Bitcoin (BTC) Price Chart (Source: CoinMarketCap)

However, cryptocurrency investors expect that the forthcoming Fed meeting may spark the global cryptocurrency market.