Bitcoin lost momentum on Monday, teeter-tottering above and below $28,000 as investors seemed ready to hunker down in advance of the U.S. central bank's next interest rate decision on Wednesday.

The largest cryptocurrency by market capitalization was recently trading at about $27,745, down a roughly a percentage point from 24 hours ago. Early Monday (UTC), bitcoin had climbed above $28,400 just hours after the U.S. Federal Reserve announced it had teamed up with five other major central banks to ensure a steady flow of the U.S. dollar, a dominant reserve currency, in the global financial system.