Crypto Market Awaits Fed Rate Decision as Bitcoin, Ethereum, and Pi Network React

Bitcoin's price has corrected over 3% from Tuesday but remains above crucial Exponential Moving Averages (EMAs), indicating an underlying uptrend. The Relative Strength Index (RSI) eased to around 49, while the Moving Average Convergence Divergence (MACD) stays negative and below the zero line.

The cryptocurrency market is awaiting the Federal Reserve's rate decision, which may impact investor sentiment. In contrast, Ethereum has continued to attract fresh capital despite the impending interest rate hike. Exchange Netflow data shows withdrawals from exchanges have outpaced deposits over the past five days, pushing exchange reserves down by 159K ETH.

Pi Network's price remains below its key EMAs and Fibonacci retracement levels, maintaining a bearish bias. The PI token has slipped just above the 50% Fibonacci retracement at $0.0971, measured from $0.1341 to $0.0704.