Bitcoin Price Steady at $29.3K After Fed Rate Hike

"Inflation and rate concerns could be what [has been] keeping crypto prices depressed," Noelle Acheson wrote in her"Crypto is Macro" newsletter Tuesday."These usually recover relatively quickly, but the new lower BTC level seems to be holding, reinforcing the idea that there are just not enough new buyers ready to take positions yet."

Next up will be Fed Chairman Jerome Powell's post-meeting press conference at 2:30 pm ET at which investors will attempt to draw clues about the future path of monetary policy. "Today's FOMC presser commentary could prove to be a crucial factor, potentially shaking both ETH and BTC out of their current consolidation patterns," said Sean Farrell, head of digital asset research and strategy a FundStrat."As investors eagerly await the outcome, the question remains whether the market will finally break free from its lackluster state or continue to remain subdued," he added.

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