Bitcoin traders are closely watching the Federal Reserve's January 27–28 meeting for clues on real yields, the U.S. dollar, and liquidity conditions that could impact prices despite no change in interest rates. The Fed’s communication about the future monetary path may drive Bitcoin volatility by affecting real yields and broad dollar strength, with liquidity dynamics adding complexity. Historical data shows Bitcoin's post-FOMC price swings ranging from +6.9% to -8.0%, underscoring the market's sensitivity to Fed messaging rather than just rate changes.