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Bitcoin price today: rises above $89,000 ahead of the Fed decision
Bitcoin climbed above $89,000 on Wednesday but largely remained range-bound, as investors balanced a weaker dollar and a sharp rally in gold prices with caution ahead of a key U.S. Federal Reserve monetary policy decision due later in the day.
The world’s largest cryptocurrency was last trading up 1.1% at $89,235.8 as of 07:07 GMT
Bitcoin was supported by a broad weakening of the dollar after U.S. President Donald Trump downplayed concerns over the decline in the U.S. currency.
The dollar hovered near four-year lows, while gold extended its sharp rally to new record highs above $5,200 per ounce, boosting demand for alternative stores of value.
Despite these tailwinds, Bitcoin struggled to sustain a decisive breakout, trading in a narrow range around $88,000–$89,000.
Positioning remained light as traders awaited clarity from the Fed, while risk appetite was constrained by uncertainty over the near-term path of U.S. interest rates and the independence of the central bank.
The Federal Reserve is widely expected to leave interest rates unchanged at the conclusion of its policy meeting on Wednesday.
Investors will closely watch the accompanying statement and comments from Fed Chair Jerome Powell for signals on when rate cuts might begin, especially as inflation shows signs of easing while economic growth remains resilient.
Lower interest rates typically support non-yielding assets such as Bitcoin by reducing the opportunity cost of holding them.
Adding another layer of uncertainty, traders are also closely monitoring developments surrounding Trump’s expected appointment of a new Federal Reserve chair. Investors are assessing how political influence could alter the Fed’s policy framework and tolerance for inflation.
Crypto today: altcoins show modest gains
Most altcoins also rose on Wednesday, tracking Bitcoin’s gains.
The world’s second-largest cryptocurrency, Ethereum, rose 2.6% to $3,006.92.
The world’s third-largest cryptocurrency, XRP, gained 1.1% to $1.92.
Solana edged higher, while Cardano and Polygon rose by 1.5% each.
Among meme tokens, Dogecoin rose 2.5%.
See also: "Strategy Sells $257 Million in Shares and Buys 2,932 Bitcoin"
