Bitcoin hovers around $94,500, facing slight market dips before a Fed decision. Ethereum also down at $1,802, while various altcoins struggle. Experts note institutional interest in Bitcoin could drive price recovery, but a hawkish Fed may cap gains. The current market indicates caution, with potential for a bounce above $93,000.
Bitcoin is currently perched around $94,500 as the broader cryptocurrency market experiences a slight dip ahead of the Federal Reserve’s interest rate decision. Sathvik Vishwanath, Co-Founder and CEO of Unocoin, indicates this price level reflects a period of consolidation after Bitcoin’s impressive rally. He warned that the Relative Strength Index (RSI) hints at weakening momentum with support levels set at $90,000 and $88,800, while resistance stares at the notable $95,000 and psychological $100,000 thresholds.
Ethereum hasn’t fared much better, dipping about 0.3% to land at $1,802, and it’s been trading within the $1,800-$1,900 range recently. Walke, a market analyst, stated that a breakout over $1,938 might signal a positive reversal, whereas a fall beneath $1,800 could indicate further losses for Ethereum. The RSI is nearing oversold territory, which could suggest a brief bounce back in the short term.
Altcoins have really taken a hit in this latest market correction. XRP fell 2.5%, Cardano slumped 3.2%, and both Chainlink and Stellar dropped 3.5%. Furthermore, Litecoin saw a noticeable tumble of 6.5%, while Solana and Dogecoin couldn’t escape losses either. In a rare pushback, BNB managed a small gain amidst the broader decline.
Vikram Subburaj, CEO of Giottus Crypto Platform, highlighted a noticeable institutional interest in Bitcoin pointing to significant intraday fluctuations between $93,600 and $95,174, a pre-emptive reaction as traders gear up for the Fed’s decision. He noted a key factor in stabilising Bitcoin’s price was MicroStrategy’s recent purchase of nearly 1,900 BTC, which added some reassurance to investors.
Subburaj elaborated that should spot ETF inflows remain strong alongside a neutral tone from the Fed, Bitcoin could once again find its positive trajectory. However, he cautioned that if the Fed adopts a hawkish stance or if recession fears resurface, it could limit any potential upside for Bitcoin, with $92,000 likely acting as a solid support.
Data from the CoinSwitch Markets Desk revealed that Bitcoin traded within $93,700 and $95,100, constantly hovering around $94,110. The 14-day RSI was at a neutral 59.66%, and the MACD oscillator showed a slight bullish inclination at 2,637.15. Moreover, Bitcoin stays above crucial moving averages indicating bullish strength despite the recent downturn.
Political climate adds layers of complexity with feedback from U.S. President Donald Trump suggesting a hefty 100% tariff on foreign films, throwing a shadow over global risk markets. Bitcoin’s dominance has climbed to 63.87%, with stablecoins currently making up over 94.5% of total trading volumes, which suggests caution pervades the market.
Despite the present downturn, analysts still view the $93,000 to $95,000 range as potentially pivotal for future positive momentum. If Bitcoin can maintain its position above $93,000, it may quickly revisit its all-time highs. However, if it remains range-bound, this could serve as a platform for altcoins to rally instead.
