Bitcoin hovers near the $63,000 mark on Monday as markets turned their attention to the Federal Reserve’s rate decision. The cryptocurrency was trading near the $63,336 mark.
In the past 24 hours, Bitcoin and Ethereum were up 0.53% and 0.75% respectively. Among the major altcoins, Tron, Hyperliquid, Dogecoin rallied upto 2.81% whereas BNB, XRP, Solana, and Cardano fell upto 1.48%.
Also Read | Cochin Shipyard shares fall 4% as Q1 profit declines 19%, revenue sees marginal growth
BTC remained close to $63K as markets turned their attention to the Federal Reserve’s rate decision. The Fed’s guidance on borrowing costs could influence market liquidity, the US dollar and investor appetite for riskier assets like BTC, said CoinSwitch Markets Desk.
It further said that a clear move above $63.3K could strengthen bullish momentum and support a recovery toward higher levels
The global crypto market capitalisation went up 0.35% to $2.17 trillion, according to CoinMarketCap. The crypto markets removed consoles throughout the weekend with the Bitcoin price recording no major moves and crypt defer and head index is at 38 and the market sentiments remain under fear said CoinDCX Research Team.
Riya Sehgal Research Analyst Delta Exchange said crypto markets are starting the week in consolidation mode, with Bitcoin trading near $63,200 and Ethereum around $1,895.
Sehgal further said fundamentally, weaker Bitcoin ETF flows, elevated oil prices and continued U.S.-Iran uncertainty remain key risks, while Wednesday’s FOMC minutes are the next major macro catalyst.
In the past week, Bitcoin and Ethereum fell 2.8% and 1.59% respectively. Among the major altcoins, XRP and Cardano were down 2.4% and 9.8% respectively whereas BNB, Tron, Hyperliquid, Dogecoin rallied upto 8.17% whereas XRP, Solana, and Cardano corrected upto 10.77%.
Prateek Gupta, Head of Business, Mudrex said Bitcoin is trading below the $63,000 mark, testing its 200-week moving average and reaching its lowest level since August 3 as rising geopolitical tensions in the Middle East push investors toward safer assets. Institutional flows have also turned weaker, with US spot Bitcoin ETFs recording $390 million in net outflows this week, reversing part of last week's $865 million inflows.
Attention now shifts to the upcoming Federal Reserve minutes, which could provide clearer signals on the policy path. A stronger case for tighter monetary policy could further pressure risk assets, including crypto, Gupta further said.
Also Read | Puravankara shares rally up to 13% after Q1 revenue jumps 62% YoY; EBITDA margin expands to 25%
Here is what other expert say
Nischal Shetty, founder, WazirX: Bitcoin continues to trade near $63,009, with the daily technical setup maintaining a bearish bias. Moving averages remain weak, suggesting sellers still have the advantage. For futures traders, a sustained move above $64,000 could help ease the prevailing downside pressure.
Vikram Subburaj, CEO, Giottus: The market remains anchored around an important cost-basis area despite a more supportive US interest-rate outlook. Spot trading volume measured in Bitcoin has fallen to its lowest level since 2019. Sellers appear increasingly exhausted, but buyers have not returned with enough conviction to drive a breakout.
Avinash Shekhar, Co-Founder & CEO, Pi42: The current market calls for patience rather than aggressive positioning. Bitcoin’s ability to sustain above $62,300 and eventually reclaim the $64,300 to $66,500 zone will be important for confirming stronger momentum, while a decisive move above the $1,900 to $2,000 range could provide clearer direction for Ethereum.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
