Bitcoin price continues into a new Sunday at $66,130 and has dipped below $66,000 in the last 24 hours. The latest Fed meeting was discouraging for investors. Still unable to digest the upwardly revised interest rate predictions from Fed members, investors remain cautious about making purchases.
Bitcoin (BTC)
The BTC price fell to $65,857 but returned to $66,000 shortly after. We mentioned that Fed members might revise their interest rate predictions upwards during the evening, potentially triggering sales. Despite the drop in inflation, the members’ refusal to change their upward 3-year interest rate predictions is discouraging.
Powell said that after the inflation data came in, he allowed members to change their predictions, but they did not change their minds. This means we might see more days where the drop in inflation levels off, as it did in the first quarter of the year.
Failing to hold $66,250, the Bitcoin price could drop to $64,650 and $63,370 levels. This could potentially lead to a journey to $60,200 and even deeper lows.
Current State of Cryptocurrencies
Volumes drop on Saturday and weaken further on Sunday. In the last 24 hours, the total volume in the crypto markets has fallen to $44 billion. The volume loss compared to yesterday reached 40%. BTCD is at 54%, and the total market value of cryptocurrencies is $2.41 trillion. Among the largest cryptocurrencies, BNB Coin, which we warned about at $700, took the hardest hit, eroding by 11%.
There were even more significant losses among the top 100 cryptocurrencies. For example, W, FLOKI, ORDI, and AR Coin fell by nearly 30%. We had mentioned that fear sales for FLOKI Coin could accelerate as hours passed, so this was not surprising.
AGIX, STRK, and WLD experienced around a 20% drop, while UNI, TON, ROSE, and NOT Coins saw double-digit increases. Outside of this quartet, there were no notable gains on a weekly basis among the top 100 cryptocurrencies. Investors are now waiting for a potential market turnaround with an increase in appetite from ETF channel investors starting Monday.
