Bitcoin (BTC) Dipped as Investors Braced for the Fed's Decision

Leading cryptocurrencies dipped on Sunday as investors braced for the Federal Reserve's decision on interest rates.

Leading cryptocurrency prices dipped on Sunday evening as investors kept an eye on the latest Federal Reserve meeting.

What Happened: Bitcoin (CRYPTO: BTC) traded choppily throughout the day, ranging between $85,000 and $82,000. The apex cryptocurrency recovered some losses over the past week, rising 2.21%.

The asset lost over 11% of its value in the first quarter, in stark contrast to the 51% returns it has provided on average.

Crypto traders observed that $81,400 would be a "big' test' for Bitcoin, and if it remains above that level, the apex cryptocurrency’s upward trend will continue.

"An interesting chart to keep an eye on is #Bitcoin forming an ascending triangle, with a sustained close outside of the triangle (~84,500) potentially triggering an 8% price move to the upside," cryptocurrency analyst Ali Martinez said in a recent tweet.

Big test for #Bitcoin $BTC support: $81,400.

Remaining above it keeps the uptrend alive.

An interesting chart to keep an eye on is $BTC forming an ascending triangle, with a sustained close outside of the triangle (~ 84,500) potentially triggering an 8% price move to the upside.

Credit: Ali Martinez for Twitter.

Later this week, the Fed is set to announce its latest decision on interest rates. According to the CME FedWatch tool, the central bank is expected to keep rates unchanged.

Top Gainers (24 Hour)

Cryptocurrency Last Price Price Change (24h)%

Bitcoin $82,393.98 2.21%

Ethereum $1,860.64 7.03%

BNB $246.08 0.43%

Solana $19.84 13.33%

XRP $0.4003 1.25%

The global cryptocurrency market cap now stands at $2.71 trillion, showing a decrease of 2% in the last 24 hours.

Stock futures edged lower Sunday evening. Dow Jones Industrial Average Futures decreased by 156 points, or 0.37%, as of 8:45 p.m. ET. Futures tied to the S&P 500 slid 0.45%, while Nasdaq 100 Futures dropped 0.51%.

The market was coming off a losing week, with the Dow Jones Industrial Average and the S&P 500 falling 2.38% and 0.75%, respectively.

The Fed's policy meeting will be the focus of this week. According to the CME FedWatch tool, the central bank is widely expected to keep interest rates unchanged.

See More: Best Cryptocurrency Scanners

Analyst Notes: Widely followed cryptocurrency analyst Ali Martinez described $81,400 as a "big" test for Bitcoin, and if it remains above that level, the apex cryptocurrency’s upward trend will continue.

"Another interesting chart to keep an eye on is #Bitcoin forming an ascending triangle, with a sustained close outside of the triangle [∼ 84,500] could trigger an 8% upside."

A massive test for #Bitcoin $BTC support: $81,400.

Remaining above it keeps the uptrend alive.

Another interesting chart to keep an eye on is $BTC forming an ascending triangle, with a sustained close outside of the triangle [∼ 84,500] could trigger an 8% price move to the upside.

Credit: Ali Martinez for Twitter.

Another popular cryptocurrency market commentator, Michaël van de Poppe, predicted a “strong and green” week if there's no altcoin dump on Monday.

"Surprisingly, not a massive dump on Sunday. Big macro-economic week coming up for the markets. I assume that, if we don't have another dump on Monday for #Altcoins, that, finally, the next week is going to be strong & green."