Bitcoin at $89,000 range, mixed movement for altcoins—market in wait-and-see mode ahead of FOMC

Source: BlockMedia Original Title: [Market Update] Bitcoin at $89,000 Range, Altcoins Mixed—Market Waits Ahead of FOMC Original Link: https://www.blockmedia.co.kr/archives/1016105 The cryptocurrency market has entered a wait-and-see mode ahead of the upcoming US Federal Open Market Committee(FOMC) meeting starting on the 9th. Bitcoin(BTC) is holding steady at the $89,000 level, taking a breather, while major altcoins are showing a mixed trend with varied ups and downs.

The digital asset market cap is moving sideways with little volatility. As of 5:00 on the 7th, according to CoinMarketCap data, the market cap stands at $3.05 trillion, down 0.02% from 24 hours ago. Market liquidity appears limited ahead of major macroeconomic events.

Investor sentiment remains subdued. The “Fear & Greed Index” recorded 21, indicating a state of fear.

Bitcoin continues to trade sideways. It briefly surpassed $90,000 during the session but fell back, currently trading at $89,429, down 0.33% from the previous day.

Major altcoins also showed mixed performance with movements differing by asset. Ethereum(ETH) recorded $3,031, down 0.31%.

BNB, TRON(TRX), and Dogecoin(DOGE) saw slight gains, remaining in positive territory, while XRP(XRP), Solana(SOL), and Cardano(ADA) showed weakness. Notably, XRP continued to underperform, dropping 7.69% compared to a week ago.

The market is closely watching the year’s final FOMC meeting, scheduled for the 9th to 10th(local time). While market participants largely expect a rate cut to be a given at this meeting, they are managing risk cautiously in preparation for any unexpected developments.

In particular, investors are focusing on the press conference by Federal Reserve Chair Jerome Powell immediately following the rate decision announcement. The market’s direction is likely to be determined by whatever hints Powell gives regarding the path of future monetary policy.