Cryptocurrencies have traded up and down over the past week following a rough correction across the board.

*By the way, the Bank of Canada Press Conference is currently ongoing for those interesting, you can access it right here – No Cut for the BoC, 2.25% rate unchanged*

While key long-term support levels arrested the steep decline and dip-buyers stepped in, the market failed to hold its highs despite a strong session yesterday.

This afternoon’s event will be critical for all asset classes, including crypto. Here is why:

FOMC events often trigger sharp swings between risk-on and risk-off sentiment.

As risk assets, cryptocurrencies often correlate with equities.

For example, during the 2023 hiking cycle, risk assets dumped lower, triggering massive selloffs in the crypto market.

Rate-cutting cycles typically boost non-yielding assets like Gold and Bitcoin.

On a straightforward basis, a cut should support higher prices, though the reaction will depend heavily on whether the Fed’s guidance for 2026 is dovish.

If today’s (highly probable) rate cut fuels risk appetite, Bitcoin and its peers should rise.

If sentiment becomes ecstatic, expect memecoins and altcoins to outperform; if the mood is positive but measured, look for market leaders like Bitcoin (BTC) , Ethereum (ETH), and Solana (SOL) to lead the charge.

As a matter of fact, let’s explore the intraday charts and levels for these three crypto leaders to prepare for the rate decision, coming up in about three hours.