Bitcoin consolidated recent gains on March 21, as markets await the upcoming Federal Open Market Committee (FOMC) meeting. Many expect that the Federal Reserve will maintain rate hikes, however at a slower pace of 25 basis points. This comes after the U.S. announced it will explore measures to guarantee client deposits at embattled banks following a recent crisis.

Bitcoin

Bitcoin (BTC) was once again trading below $28,000, as traders consolidated recent gains ahead of the upcoming FOMC meeting.

Following a high of $28,352.76 to start the week, BTC/USD fell to an intraday low of $27,439.65 earlier today.

The move sees bitcoin move away from its recent nine-month high, ahead of tomorrow’s rate decision, which will likely lead to increased market volatility.

One sign of this uncertainty comes as the 14-day relative strength index (RSI), which failed to move beyond a ceiling of its own.

As of writing, the index is tracking a

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Author: Eliman Dambell

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