Synopsis
The crypto market dropped as investors awaited the US Federal Reserve’s rate decision. Bitcoin slipped 1.4%, Ethereum 1.5%, and altcoins also faced pressure. Market sentiment remains cautious with a potential rally if the Fed adopts a dovish stance.
The crypto market traded lower on Monday as investors awaited the US Federal Reserve’s interest rate decision later this week. Bitcoin slipped 1.4% to $94,587 as of 12:01 PM IST, after touching an intraday high of $96,089. Ethereum fell 1.5% to $1,815, while the global crypto market cap dipped 1.05% to $2.95 trillion.
Altcoins also faced selling pressure, with Shiba Inu, Dogecoin, and Cardano all down over 1%. XRP fell 1.4%, BNB 1%, Toncoin 1.7%, and Hedera 1.4%.
Bitcoin’s market cap dropped to $1.879 trillion, with its dominance easing to 63.69%. Meanwhile, daily crypto trading volume rose 31.6% to $21.52 billion, largely led by stablecoins, which accounted for over 91% of activity.
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TOP COIN SETSBTC 50 :: ETH 50-1.59% BuyCrypto Blue Chip – 5-2.61% BuySmart Contract Tracker-3.26% BuyDeFi Tracker-6.06% BuyWeb3 Tracker-10.16% BuyTOP COINS (₹) Tether84 (-0.3%)BuyBNB49,864 (-1.2%)BuyEthereum153,550 (-1.41%)BuyBitcoin7,978,951 (-1.65%)BuyXRP183 (-1.84%)Buy“Bitcoin is again in the consolidation zone between $91,500 and $96,000,” said Piyush Walke, Derivatives Research Analyst at Delta Exchange. He noted that the current price action is forming a Flag and Pole pattern—a bullish signal that could push BTC toward $100,000 if confirmed with high volume.
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View Details »Shivam Thakral, CEO of BuyUcoin, said the market is “bracing for the Fed’s decision,” with investors leaning toward a pause in rate changes amidst macro uncertainty. “Gold is gaining traction, but BTC has held firm above the $94,000 mark,” he added.
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According to Vikram Subburaj, CEO of Giottus, liquidity near $91,000 may be tested in the near term. “An interest rate cut would boost sentiment, though analysts don’t see that as a likely outcome,” he said.
Adding to the cautious optimism, Mudrex Co-founder and CTO Alankar Saxena pointed out that Bitcoin recently recorded over 925,000 active addresses in a single day—the highest in six months—indicating strong underlying network activity. “A dovish Fed stance could ignite a rally toward the $100,000 mark,” Saxena said, with the next key resistance seen around $97,900.
With the Federal Open Market Committee (FOMC) decision looming, crypto investors are likely to remain on edge, weighing macroeconomic cues against technical market signals.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
