Bitcoin trades near $64,000 after Fed pause; Crypto market awaits next move
Bitcoin traded near $64,000 after the US Federal Reserve kept interest rates unchanged, while futures open interest climbed to a two-month high, signalling increased leveraged trading. The broader crypto market remained mixed, with Ethereum edging lower, as investors weighed macroeconomic uncertainty and the Fed's policy outlook.
Bitcoin traded near $64,000 after the US Federal Reserve kept interest rates unchanged, while futures open interest climbed to a two-month high, signalling increased leveraged trading. The broader crypto market remained mixed, with Ethereum edging lower, as investors weighed macroeconomic uncertainty and the Fed's policy outlook. Analysts say Bitcoin must hold above the $63,300-$64,000 range to maintain recovery momentum, while a break below key support could trigger fresh selling pressure. (Photo: TV9 network)New Delhi:Bitcoin traded close to the $64,000 mark on Thursday after the US Federal Reserve kept interest rates unchanged at 3. 50%-3. 75%. The world’s top cryptocurrency closed at $64,062, rising 0. 26% in the last 24 hours, and Ethereum decreased 0. 07% to $1,905. The overall market for cryptocurrencies was generally on hold with investors weighing the Fed’s policy position and macroeconomic environment. Major altcoins showed mixed performance. Cryptocurrencies such as BNB, Solana, and Tron rose by as much as 1%, while other tokens like XRP, Dogecoin, Hyperliquid, and Cardano fell as much as 1. 4%. The overall cryptocurrency market capitalisation on the global platform decreased by 0. 04% to $2. 18 trillion, CoinMarketCap reported. Futures activity signals higher leverageThe Bitcoin price was down as the Fed’s (Federal Reserve) Jerome Powell kept his position on inflation strong, according to CoinSwitch Markets Desk. Despite futures open interest reaching its two-month high, signaling more leveraged trading activity, the exchange has reported that Bitcoin is seeing trouble holding its bid above $64,000. The desk added that positive funding rates suggest traders continue to expect further upside. It said Bitcoin needs to reclaim and hold above $64,000 to strengthen bullish momentum, while a fall below $63,300 could trigger fresh selling pressure. Market sentiment remains cautiousAccording to the research team of CoinDCX, Bitcoin is still stuck in a consolidation uptrend with a series of higher highs and higher lows. However, the Fear & Greed Index has dropped to 35, indicating that investor sentiment is still in the fear zone. Bitcoin has seen a 2. 58% dip in value over the last week, while Ethereum has experienced a 1. 13% drop. Solana, Dogecoin, Cardano and Tron are down by 5. 78% to 9. 25%, respectively while Hyperliquid and BNB have gained 0. 33%. Analysts see key support and resistance levelsAvinash Shekhar, Co-Founder and CEO of Pi42, said growing institutional participation, continued inflows into spot Bitcoin ETFs over the longer term and Bitcoin’s limited supply continue to support confidence in the asset’s long-term outlook. He added speculative trading is becoming a less prominent driver of increased expectations for future valuations, as the number of people using the product increases. Giottus CEO Vikram Subburaj stated that immediate support is between Rs 63,200 to Rs 63,000 and then comes Rs 62,000. Resistance is seen around $64,600-$65,100, while $66,700 remains the next major hurdle. A break above it may improve the recovery while a continuation below may take Bitcoin back to the lower part of its trading range in recent days. Meanwhile, the Bitcoin Founder of the exchange WazirX, Nischal Shetty, said that Bitcoin is still in a tight range, with markets balancing macroeconomic risk with regulatory clarity. “Long-term institutional adoption is being strengthened by recent developments around the US CLARITY legislation,” he said. Meanwhile, institutional inflows are still divided as the US spot Bitcoin ETFs pulled in more net outflows for a fourth day in a row, while the Ethereum ETFs saw net inflows for a third consecutive week, Mudrex Lead Quant Analyst Akshat Siddhant added. Pragya Singha RoyPragya is a Science and Technology reporter, has Master degree in Journalism, covering a range of stories including space, gadgets and how tech is transforming our lives. She has 4+ years of industry experience in Digital Media and Content Writing. 15+ years of practice in yoga philosophy to every day, and that’s one way she strive to build meaningful experiences. Read MoreLatest Stories