Waiting for the FOMC, Where is BTC Going?

<p>&nbsp;"Will the price of BTC go up or down during the FOMC tomorrow?"</p><p><br /></p><p>After breaking through $27,400, the price of cryptocurrency king Bitcoin (BTC) appears to be falling again as traders believe the Federal Reserve (Fed) will act in the opposite direction rather than keeping interest rates unchanged.</p><p><br /></p><p>However, it should be noted that there is a 99% probability that the central bank of the United States (US) will keep interest rates unchanged during the Federal Open Market Committee (FOMC) meeting on Wednesday tomorrow.</p><p><br /></p><p>In addition to focusing on changes in monetary policy or balance sheet guidance during the FOMC later, traders are more interested in focusing their attention on the updated macroeconomic projections and guidance provided by Fed Chairman Jerome Powell.</p><p><br /></p><p><br /></p><p>The Fed will deliver its interest rate decision tomorrow with a statement and full forecast update in the Summary of Economic Projections followed by a thirty-minute press conference by Powell.</p><p><br /></p><p>According to Scotiabank, the Fed is likely to keep interest rates on hold until the end of 2023 and this means that inflation could rise again, but the crypto market is poised to soar.</p><p><br /></p><p>If the momentum is positive, BTC could break through $27,414 or the next resistance zone at $27,800 and the breakout could push the price to continue the upward trend up to $28,500.</p><p><br /></p><p>However, BTC could plunge below $25,000 if the price of the digital asset breaks its support zone at $26,000.</p><p><br /></p><p>As of this writing, the price of BTC has jumped by 0.96% to $26,723 in the last 24 hours with a market cap of $520 billion and is up 6.27% over the last week.</p>