Bitcoin’s price on Sunday stands at $66,130, having slipped below $66,000 in the past 24 hours. The recent Federal Reserve meeting left investors feeling unsettled. They are struggling to come to terms with the Fed members’ revised predictions of higher interest rates and are proceeding cautiously with their purchases.
The BTC price dropped to $65,857 but quickly bounced back to $66,000. Speculation arose that Fed members might raise their interest rate forecasts later in the day, potentially prompting a sell-off. Despite a decline in inflation, investors were disheartened by the Fed members’ steadfastness in maintaining their upward trajectory for interest rates over the next three years.
Chairman Powell mentioned that following the release of inflation data, there was an opportunity for members to adjust their predictions, but they chose not to. This suggests that we may witness more days where inflation dips, similar to the pattern seen in the first quarter of the year.
If Bitcoin fails to hold at $66,250, it could plummet to $64,650 and $63,370 levels, signaling a possible descent to $60,200 and beyond.
Cryptocurrency market volumes decreased on Saturday and continued to weaken on Sunday, with the total volume dropping to $44 billion in the past 24 hours, a 40% decrease from the previous day. The Bitcoin dominance (BTCD) is at 54%, and the overall market capitalization of cryptocurrencies sits at $2.41 trillion. Among the major cryptocurrencies, BNB Coin suffered the most, declining by 11% after we issued a warning at $700.
There were notable losses among the top 100 cryptocurrencies, with W, FLOKI, ORDI, and AR Coin seeing drops of almost 30%. The fear-induced sell-off of FLOKI Coin accelerated as anticipated. AGIX, STRK, and WLD experienced around a 20% decline, while UNI, TON, ROSE, and NOT Coins recorded double-digit gains. Apart from these, there were no significant increases among the top 100 cryptocurrencies on a weekly basis. Investors are eagerly awaiting a potential market turnaround, hoping for increased interest from ETF channel investors as the new week begins.
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