Bitcoin (CRYPTO: BTC) is volatile as traders await this week's decision on rates from the Federal Reserve. A new court filing from Monday afternoon showed the U.S. Securities and Exchange Commission (SEC) is urging the court to approve an inspection of Binance.US.

What To Know:  The SEC sued Binance earlier this year, claiming the company was running an unlicensed securities exchange. In a new filing, the SEC stressed that its findings show there is an "urgent need for an inspection."

A hearing on the case is scheduled to take place Monday afternoon and the crypto market appears to be reacting negatively to reports. 

Bitcoin has been trending higher over the last week. It broke above the $27,000 level Monday morning, sparking a surge in the broader cryptocurrency market before pulling back. 

Bitcoin appears to be trapped in a trading range ahead of the upcoming Federal Open Market Committee (FOMC) meeting this week. 

The FOMC meeting is set to kick off on Wednesday. According to data from CME Group's FedWatch tool, the likelihood that the Fed will maintain rates in the 5.25% to 5.5% range is currently set at 99%. 

As previously reported by Benzinga, one crypto analyst expected Bitcoin to trade sideways heading into the event, but noted that it could prove to be more volatile following Wednesday's Fed decision.

See Also: Bank Of America Predicts One More Fed Rate Hike In November

$BTC Price Action: After trading up to around $27,400 Monday morning, Bitcoin fell sharply in the afternoon and was hovering around $26,800 at the time of publication, according to Benzinga Pro.

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Photo: Miloslav Hamřík from Pixabay.