Bitcoin trades near $76K, falls for second day after US Fed, slips below 21-day average

Bitcoin traded near the $76,000 mark on Thursday and declined for the second straight day post US Fed’s decision to hold interest rates. The cryptocurrency was trading at $75,897 level, witnessing a decline of 1% in the past 24 hours.

In the past 24 hours, Ethereum was down 2.5% to trade near $2,251 level. Among the major altcoins, XRP, BNB, Solana, Hyperliquid and Cardano fell up to 1% whereas Tron and Dogecoin were up 0.6% and 5% respectively.

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After the Federal Reserve’s interest rate decision, Bitcoin declined for a second straight day, highlighting continued market caution amid broader macroeconomic uncertainty, said Piyush Walke, Derivatives Research Analyst at Delta Exchange.

“Although the Fed’s decision to hold interest rates matched market expectations, Bitcoin remained under pressure during Chairman Powell’s press conference. After the minutes were published, Bitcoin fell to an intraday low of $75,348, slipping just below its 21-day simple moving average of $75,664, a level traders had been watching closely as a potential support.”

Walke further said that Ethereum showed a similar pattern, dropping to a swing low of $2,218 after the rate decision and overall, the market remains risk-off, with near-term direction hinging on key support levels and macro cues, despite underlying demand staying strong.

The global crypto market capitalisation edged down 1% to $2.54 trillion, according to CoinMarketCap.

CoinDCX Research Team said the crypto markets are turning bullish ahead of the monthly close, with the Bitcoin price reclaiming $76,000 while Ethereum remains consolidated below $2,300.

In the past week, Bitcoin and Ethereum were down 3% and 4% respectively. Among the major altcoins, XRP, BNB, Solana, Tron, Hyperliquid and Cardano fell up to 3.5% whereas Dogecoin was up 11%.

Bitcoin trades near $75,712, holding steady as indicators show balanced momentum and Ethereum trades near $2,246, facing near-term pressure as momentum softens, said WazirX Market’s Desk.

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Market perspective

Vikram Subburaj, CEO, Giottus

Bitcoin traded in a narrow range on April 30, reflecting continued indecision across global risk assets and volumes remained steady but lacked expansion, signalling limited conviction from both buyers and sellers.

CoinSwitch Markets Desk

Bitcoin hovered near the $75K level after the Fed kept rates unchanged for a third straight meeting, as Fed pointed to elevated energy prices and ongoing Middle East tensions which suggests financial conditions may stay tight for now, which can moderate near-term risk appetite across markets.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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