Bitcoin holds above $92K as market waits for Fed decision

The crypto market remains surprisingly calm on the day the US central bank announces a new interest rate decision. While everyone is waiting for the Fed’s rate decision and Jerome Powell’s press conference later tonight, investors appear to be taking a wait and see approach for now. Still, most prices are showing green today.

Bitcoin price climbs above $92,000

Bitcoin is trading at around $92,305 at the time of writing, a gain of 2.27% over the past 24 hours. This allows the largest cryptocurrency to hold its ground while investors worldwide hold their breath. Ethereum is doing even better, jumping 6.76% to $3,316. Solana (+3.25%) and Dogecoin (+3.99%) are also benefiting from the positive sentiment.

The total crypto market capitalization now stands at $3.34 trillion. Notably, Bitcoin dominance has slipped slightly to 55.19%, leaving room for altcoins to gain ground. Still, the Altcoin Index score of 18/100 suggests that a real altseason is still far away.

Tonight, all eyes are on the Fed

All attention is focused on the US central bank. Tonight at 8:00 p.m. European time, the Fed will announce its new interest rate decision. Half an hour later, at 8:30 p.m., Chairman Jerome Powell will hold a press conference to provide further explanation. Markets are strongly expecting a 0.25% rate cut, which would be the third in a row.

According to market expectations (94%), the Fed is expected to cut rates no more than two additional times next year, for a total of 50 basis points. If they unexpectedly decide to leave rates unchanged today, that could cause significant market shocks. Crypto prices, gold, stocks, and currency pairs such as EUR/USD typically react immediately to this kind of news.

Cautious optimism among traders

While major price moves are still absent, sentiment appears cautiously positive. The Fear & Greed Index remains low at 26 (fear), but traders are choosing to wait for Powell’s comments before opening truly large positions. Trading volumes in gold and the S&P 500 appear stable. Gold prices remain near $4,200, and the S&P 500 is trading around 6,850.

The coming hours could be decisive for the rest of the year. If the Fed strikes a more dovish tone and leaves room for further rate cuts in 2026, crypto and other risk assets could push significantly higher.