Calm Before the Storm? BTC Stable at $102K Ahead of FOMC Meeting (Market Watch)
2025-01-29
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Bitcoin’s price faced some turbulence late last night but has managed to recover most losses and now sits above $102,000 in preparation for today’s FOMC meeting.
The altcoins have retraced over the past 24 hours, with the likes of SOL, DOGE, LINK, and ADA charting the most substantial losses.BTC Awaits FOMC
After the massive volatility endured last Monday, when BTC’s price went on several fluctuations that drove it to under $100,000 before it charted anew all-time highabove $109,000, the asset calmed by the rest of the week and stood primarily around $104,000.
The weekend was also quite uneventful, unlike the previous one. In fact, bitcoin increased slightly and tapped $105,000 by Sunday evening. However, Monday began on a highly negative note, with the bears propelling a substantial leg down that pushed the cryptocurrency under $100,000.
Moreover, the asset keptcrashingand slipped to a multi-day low of $97,800. After another unsuccessful recovery attempt, the bulls finally stepped up in the evening andpushedbitcoin back to over $100,000. Since then, the asset neared $104,000 yesterday but was stopped and driven to $100,000 once again.
As of now, it remains above $102,000, but more volatility is expected today after the conclusion of the Fed’s first meeting for the year.
Bitcoin’s market cap now stands above $2.020 trillion, while its dominance over the alts is north of 56% again on CG.Alts Correct
The altcoins charted some impressive gains yesterday, but the landscape is different today. Ethereum was stopped at $3,200 and now sits closer to $3,100 after a 2% daily decline. XRP is below $3.1 again after a minor daily correction.
More painful declines come from the likes of DOGE, SOL, ADA, LINK, AVAX, XLM and others. In contrast, WIF has skyrocketed by 15% over the past 24 hours and sits above $1.3.
Next in line in terms of daily gains are MOVE (12%) and TAO (11%).
The total crypto market cap has lost over $50 billion in a day and is down to $3.6 trillion on CG.