The cryptocurrency market experienced a downturn as investors awaited the US Federal Reserve's upcoming interest rate decision. Bitcoin declined by 1.4% to $94,587, while Ethereum dropped 1.5% to $1,815. Altcoins like Shiba Inu, Dogecoin, and Cardano also faced selling pressure, each losing over 1%.
Key Market Movements
- Bitcoin: Slipped to $94,587, with market dominance easing to 63.69%.
- Ethereum: Fell to $1,815 amid broader market weakness.
- Altcoins: Shiba Inu, Dogecoin, XRP, and others declined by 1–1.7%.
- Market Cap: Global crypto valuation dipped 1.05% to $2.95 trillion.
Fed Decision Impact
Investors remain cautious, with market sentiment hinging on the Federal Reserve's stance. A dovish approach could spark a rally, potentially pushing Bitcoin toward $100,000. Analysts highlight key resistance near $97,900, while support lies around $91,000.
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Expert Insights
- Piyush Walke (Delta Exchange): Notes a bullish Flag and Pole pattern forming, suggesting potential upward momentum.
- Shivam Thakral (BuyUcoin): Highlights investor caution, with BTC holding above $94K despite macro uncertainty.
- Vikram Subburaj (Giottus): Warns of possible liquidity tests near $91K unless Fed signals rate cuts.
Market Sentiment and Activity
Bitcoin recently recorded over 925,000 active addresses—a six-month high—indicating strong network engagement. Analysts suggest a Fed pause could stabilize markets, while rate cuts may fuel bullish momentum.
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FAQs
Q: Why is Bitcoin dropping ahead of the Fed decision?
A: Investors are hedging risk amid uncertainty over interest rate changes, leading to short-term bearish pressure.
Q: What’s the next key resistance level for Bitcoin?
A: Analysts see $97,900 as the next hurdle, with $100K achievable if Fed turns dovish.
Q: How are altcoins performing?
A: Major altcoins like Ethereum and XRP are down 1–1.5%, mirroring Bitcoin’s trend.
Q: Could the Fed’s decision trigger a crypto rally?
A: Yes, a pause or rate cut may boost sentiment, driving prices higher.
Q: What’s the significance of Bitcoin’s active addresses?
A: High activity signals robust network use, often preceding price rallies.
Conclusion
With the Fed’s decision looming, crypto markets remain volatile. Traders should monitor technical levels ($91K support, $97.9K resistance) and macroeconomic cues for directional clarity.
(Disclaimer: This content is for informational purposes only and not financial advice.)
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