Matching market expectations, the Federal Reserve's Federal Open Market Committee (FOMC) hiked its benchmark Federal Funds rate by 25 basis points to a range of 4.5%-4.75%.

Hovering in a narrow range on either side of the $23,000 level for the past several days, the price of bitcoin (BTC) remained in that area shortly after the announcement.

With the 25 basis point rate hike largely priced in, markets were looking for clues in the accompanying policy statement about whether the central bank was mulling a pause in its monetary tightening cycle. For now, that doesn't appear to be the case, with the FOMC saying "ongoing increases" in rates will be necessary.

Interest rate futures markets are currently pricing in a terminal fed funds rate of 4.94%, suggesting the Fed has another one or two 25 basis point rate hikes left before hitting the brakes.