Bitcoin Reclaims $81K, M Pumps 12% Ahead of FOMC Meeting

Bitcoin's price has climbed approximately $2,000 over the last twenty-four hours as markets brace themselves for the second-to-last meeting of the US Federal Reserve FOMC, scheduled for later today. The altcoin sector has also turned positive, with XRP regaining its critical $1.30 support level, and ETH approaching the $2,400 mark. BTW and PEPE have experienced another significant upward surge.

The primary digital asset recently faced a sharp downturn after bulls managed to propel it to a 14-day high of $85,000 just one week prior. This peak proved fleeting, as the asset rapidly lost more than two thousand dollars. The negative price action intensified throughout the week, bringing BTC perilously close to falling below $80,000 by Friday. Although it initially held that threshold, the bearish pressure ultimately pushed it past that mark on Saturday, sending Bitcoin down to a five-week low of $79,100. Sunday saw an attempt at recovery, but the price stalled at $81,000, and it dipped beneath $80,000 on several subsequent occasions. The start of the current trading week failed to deliver the anticipated relief rally, leaving BTC below the $80,000 level for a period. However, it spiked earlier today past $80,000, and minutes ago, the bulls initiated yet another ascent, reaching $81,650. As of the time of this report, Bitcoin hovers around $81,500, though increased market turbulence is anticipated following the FOMC meeting's conclusion and the subsequent remarks by Kevin Warsh. Currently, its market capitalization stands at $1.630 trillion, and its dominance relative to other altcoins has reclaimed the 60% mark on CMC.

Ethereum has gained 3% in the past day and is now situated near $2,400 again. BNB is trading above $750, while XRP's 3% increase has propelled it further above the essential $1.30 support. SOL has recovered from a dip below $100, and HYPE, DOGE, XMR, and LINK have all posted gains reaching up to 5%. Among the top fifteen to twenty altcoins, ZEC, NEAR, and BCH stand out as particularly strong performers. BTW has rocketed by nearly 30%, while PEPE has risen by 16% and M has jumped by 12%. Overall, the combined market capitalization of all crypto assets has recovered more than $40 billion in a single day, now exceeding $2.710 trillion on CMC.

Why it matters

Bitcoin's movement ahead of the FOMC meeting suggests market positioning before key economic decisions. This volatility is heightened by the upcoming speech from Kevin Warsh, which readers should watch closely for market direction.