Bitcoin Enters Wait-and-See Phase Ahead of Fed Statement

By Omkar Godbole

Bitcoin is holding in a tight range as investors’ focus turns to the U.S. Federal Reserve’s monetary policy statement on Wednesday, which could offer clues on the central bank’s course of action and inject volatility into financial markets.

The cryptocurrency has been trading in a narrow range of $39,400 to $41,300 since Monday’s European trading hours, CoinDesk 20 data show.

“The market is completely neutral ahead of the Fed with only a little spot buying,” Brian Tehako, chief investment officer at Warwick Capital Management, said. “Traders are waiting for the Fed announcement.”

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