Bitcoin traded near the $64,000 mark on Thursday after the US Federal Reserve kept interest rates unchanged at 3.50%-3.75%, while futures open interest climbed to a two-month high. The world's largest cryptocurrency was trading at $64,062.
Over the past 24 hours, Bitcoin gained 0.26%, while Ethereum slipped 0.07% to $1,905. Among major altcoins, BNB, Solana, and Tron rose up to 1%, whereas XRP, Hyperliquid, Dogecoin, and Cardano declined by up to 1.4%.
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CoinSwitch Markets Desk said Bitcoin slipped after Fed Chair Jerome Powell maintained a firm stance on inflation. The desk noted that BTC is struggling below the $64,000 mark, while futures open interest has climbed to a two-month high, indicating increased leveraged trading.
It added that positive funding rates suggest many traders still expect prices to rise. Bitcoin needs to reclaim $64,000 to improve momentum, while a drop below $63,300 could trigger fresh selling. Holding above this support level, however, may pave the way for another recovery attempt.
According to CoinMarketCap, the global cryptocurrency market capitalisation slipped 0.04% to $2.18 trillion. The CoinDCX Research Team said Bitcoin continues to trade in a consolidating uptrend, forming higher highs and higher lows. However, the Fear & Greed Index has slipped to 35, indicating that market sentiment remains in the fear zone.
Over the past week, Bitcoin and Ethereum have declined 2.58% and 1.13%, respectively. Among major altcoins, XRP, Solana, Tron, Hyperliquid, Dogecoin, and Cardano have fallen by up to 9.25%, while BNB has gained 0.33%.
Avinash Shekhar, Co-Founder and CEO of Pi42, said growing institutional participation, sustained inflows into spot ETFs, and Bitcoin's fixed supply continue to reinforce confidence in its long-term outlook.
He added that projections of significantly higher valuations in the coming years reflect a growing belief that the next phase of Bitcoin's growth will be driven by broader adoption and sustained capital inflows rather than speculative momentum.
Vikram Subburaj, CEO, Giottus: Immediate support lies in the $63,200-$63,000 zone, followed by $62,000. Resistance is seen around $64,600-$65,100, while the recent local high of $66,700 remains a stronger hurdle. A sustained move above this level could strengthen the recovery, whereas a break below $63,000 may drag Bitcoin back towards the lower end of its recent trading range.
Nischal Shetty, Founder, WazirX: Bitcoin continues to trade in a tight range as markets balance macroeconomic uncertainty with improving regulatory clarity. The latest developments around the US CLARITY legislation have reinforced optimism about long-term institutional adoption, even as investors await key policy signals from the Federal Reserve.
Akshat Siddhant, Lead Quant Analyst, Mudrex: Institutional flows remain mixed. US spot Bitcoin ETFs recorded a fourth consecutive day of net outflows, taking cumulative withdrawals to $526 million, while Ethereum ETFs extended their inflow streak to a third consecutive week.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
