Bitcoin price remains at $60,000 as crypto markets prepare for today's FOMC meeting (MarketWatch)

After a brief pullback on Monday, Bitcoin regained momentum yesterday, breaking through $60,000 and $61,000 to hit new three-week highs.

The cryptocurrency market is expected to face heightened volatility today and tomorrow as the U.S. Federal Reserve is scheduled to meet to discuss cutting key interest rates.

BTC exceeds $60,000

The leading cryptocurrency ended last week on a very strong note as bulls pushed it from under $58,000 to nearly $61,000 on Friday and Saturday morning. As expected, it settled down over the weekend but is still mostly above $60,000.

The situation reversed on Monday, when Bitcoin fell by more than $2,000 in a matter of hours, dropping to as low as $57,500. However, by Tuesday afternoon, bulls were back in control, and Bitcoin rallied to $61,300, its highest price in three weeks.

Though down more than $1,000 from its local peak, BTC is up 2.5% from the previous day, surpassing $60,000. Further price volatility is expected later today as the US Federal Reserve holds its first FOMC meeting in two months.

Recall that last month, Fed Chairman Jerome Powell suggested that it was time for the central bank to start cutting interest rates, which will likely have a major impact on the entire cryptocurrency market.

SUI, TAO and IMX are on the run

Most of the large altcoins are performing quite poorly on a daily basis, with ETH, DOGE, BNB and TRX showing slight gains, while SOL, XRP, AVAX, TON, SHIB, LINK and BCH are showing minor losses.

The mid-cap picture has been much more eventful, with SUI, TAO and IMX all surging 6-8% on the day, with SUI trading at $1.2, TAO at nearly $320 and IMX at over $1.35.

The cryptocurrency market capitalization increased by approximately $30 billion overnight, to $2.17 trillion in CG.