Bitcoin trades near $66,000 ahead of US Fed meeting outcome
Central banks are the focal point for investors on this action-packed Wednesday, with the Federal Reserve's decision anticipated later in the day. While markets expect the U.S. central bank to maintain current rates, a 25 basis point cut in Septem...
By Navdeep Singh, ETMarkets.com |
Agencies
Ahead of tonight's US Fed meeting, where Jerome Powell is expected to signal the timing and number of potential rate cuts, cryptocurrency markets traded lower on Wednesday, with Bitcoin and Ethereum leading the decline.
At 1:48 pm IST, Bitcoin (BTC) was trading 1.3% lower at $66,088, while Ethereum fell nearly 1.11% to $3,313. Meanwhile, the global cryptocurrency market cap dropped by 0.71% to around $2.39 trillion in the last 24 hours.
Central banks are the focal point for investors on this action-packed Wednesday, with the Federal Reserve's decision anticipated later in the day. While markets expect the U.S. central bank to maintain current rates, a 25 basis point cut in September is fully priced in, with roughly 68 basis points of easing expected for the year.
Vikram Subburaj, CEO of Giottus, commented, "Bitcoin is consolidating above $66,000 as markets await interest rate updates from the US FOMC. Analysts predict volatility around the announcement, but the support level at $64,000 is likely to hold."
Meanwhile, Edul Patel, CEO of Mudrex, noted, "Bitcoin continues to trade below $67,000, pressured by the US Government's sale of Silk Road-linked Bitcoin. A decisive move above $66,500 could drive the price higher, but failure to break this resistance may lead to further declines. Immediate support is near $66,000."
Other popular altcoins and meme coins, such as Dogecoin, Cardano, Tron, Avalanche, Shiba Inu, Polkadot, and Chainlink, declined up to 4%, while BNB, Solana, XRP, and Toncoin surged up to 8%. XRP saw an 8% increase amid optimism over a Ripple-SEC settlement, according to Avinash Shekhar, Co-founder & CEO of Pi42.
The volume of all stablecoins is now $59.05 billion, which is 90.99% of the total crypto market 24-hour volume, as per data available on CoinMarketCap. Bitcoin's dominance is currently 54.79%. BTC volume in the last 24 hours fell 27% to $28.7 billion.
"Bitcoin's immediate resistance is at $66,852 and support at $65,000. The RSI indicates oversold conditions and indicates possible further declines if the price falls below $65,900," said Sathvik Vishwanath, Co-Founder & CEO of Unocoin.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of the Economic Times)
At 1:48 pm IST, Bitcoin (BTC) was trading 1.3% lower at $66,088, while Ethereum fell nearly 1.11% to $3,313. Meanwhile, the global cryptocurrency market cap dropped by 0.71% to around $2.39 trillion in the last 24 hours.
Central banks are the focal point for investors on this action-packed Wednesday, with the Federal Reserve's decision anticipated later in the day. While markets expect the U.S. central bank to maintain current rates, a 25 basis point cut in September is fully priced in, with roughly 68 basis points of easing expected for the year.
Vikram Subburaj, CEO of Giottus, commented, "Bitcoin is consolidating above $66,000 as markets await interest rate updates from the US FOMC. Analysts predict volatility around the announcement, but the support level at $64,000 is likely to hold."
Meanwhile, Edul Patel, CEO of Mudrex, noted, "Bitcoin continues to trade below $67,000, pressured by the US Government's sale of Silk Road-linked Bitcoin. A decisive move above $66,500 could drive the price higher, but failure to break this resistance may lead to further declines. Immediate support is near $66,000."
Other popular altcoins and meme coins, such as Dogecoin, Cardano, Tron, Avalanche, Shiba Inu, Polkadot, and Chainlink, declined up to 4%, while BNB, Solana, XRP, and Toncoin surged up to 8%. XRP saw an 8% increase amid optimism over a Ripple-SEC settlement, according to Avinash Shekhar, Co-founder & CEO of Pi42.
ADVERTISEMENT
The volume of all stablecoins is now $59.05 billion, which is 90.99% of the total crypto market 24-hour volume, as per data available on CoinMarketCap. Bitcoin's dominance is currently 54.79%. BTC volume in the last 24 hours fell 27% to $28.7 billion.
"Bitcoin's immediate resistance is at $66,852 and support at $65,000. The RSI indicates oversold conditions and indicates possible further declines if the price falls below $65,900," said Sathvik Vishwanath, Co-Founder & CEO of Unocoin.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of the Economic Times)
Too busy to trade in stocks? Invest in Mutual Funds with ET Money!
Bookmark or read stories offline -
Download ET Markets APP
Download ET Markets APP
ADVERTISEMENT
