Bitcoin’s Price Action

Bitcoin’s price tumbled toward $81,000 yesterday but managed to defend that level and now sits above $83,000 ahead of the second FOMC meeting for the year.

Most altcoins are slightly in the green today, led by HYPE and PEPE. In contrast, BNB has dropped by 4%.

BTC Prepares for FOMC

Following the massive volatility experienced at the start of the previous week, when BTC plunged below $77,000 for the first time in four months, the cryptocurrency has traded mostly above $80,000 and has been able to prevent a price drop beneath that line.

Furthermore, the bulls attempted a few leg ups that pushed the asset north to $85,000, but each was followed by an immediate rejection. A notable example occurred over the weekend when Bitcoin plunged below $82,000, and again on Monday when it was stopped ahead of the $85,000 mark.

The decline came on Tuesday as BTC dropped below $81,500, marking a multi-day low. However, it bounced off that level and now trades about two grand higher.

More volatility is expected later today as the US central bank is set to announce any changes to key interest rates. Although most anticipate the rates will remain unchanged, BTC often reacts with at least minor fluctuations after each meeting.

For now, its market capitalization stands above $1.650 trillion, while its dominance over altcoins has slightly declined to 58.5% on CG.

HYPE on the Run

Most altcoins are slightly in the green today. Ethereum is up by 3% and now trades close to $1,950, still away from the $2,000 mark. Ripple, Solana, and Tron have posted similar gains, followed by ADA, LINK, DOGE, and TON. In contrast, BNB has dropped by 4% and now sits beneath $615.

The biggest gainers among mid-cap altcoins are HYPE and PEPE. HYPE has added over 12% in value, trading at $15, while the meme coin PEPE is up by 8%, standing north of $0.0000072.

The total crypto market cap is up by $25 billion since yesterday, reaching $2.830 trillion on CG.