Bitcoin has seen a significant price surge, reaching a high of $61,330 on Tuesday, as the cryptocurrency market anticipates the upcoming Federal Reserve meeting on Wednesday. The leading cryptocurrency propelled the digital asset market upward, with the CoinDesk 20 Index experiencing a 3% rise to 1,880.

However, the Binance order book data suggests that substantial BTC sell orders exist in the $61,000 to $62,500 range, which could hinder any further price increases. Market sentiment remains mixed regarding whether the Fed will implement a 25 basis point cut or a more substantial 50 basis point reduction.

Despite the uncertainty, Bitcoin's surge has outpaced stocks and gold, with the global crypto market cap rising 2% to $2.08 trillion. Investors are embracing the potential for a larger, more favorable Fed rate cut, and as a result, yield differentials have shifted away from the U.S. dollar.

As the market awaits the Fed's decision, Bitcoin's price action demonstrates the cryptocurrency's resilience and the growing anticipation surrounding the central bank's monetary policy announcement.

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