The global cryptocurrency The market capitalization decreased by 5.35% to around $2.45 trillion in the last 24 hours.
"Bitcoin experienced a drop to the $65,000 mark amid rising profit bookings and liquidations. Market participants should closely monitor the $64,700 level as a critical threshold. A break below this point could push Bitcoin towards the range from $62,000 to $64,000," Edul Patel said. General Director of Mudrex.
Cryptocurrency tracker
Meanwhile, Vikram Subburaj, CEO of Giottus, said: "If Bitcoin loses $65,000, it can reach $61,000 again in the next few days."Also read: Slerf? Break? Memecoin mania takes Solana to record high
The Federal Reserve is widely expected to keep rates steady on Wednesday, with market attention on policymakers' economic update, comments from Chair Jerome Powell and interest rate projections.
Last week's stronger-than-expected inflation reports led traders to reduce their bets on rate cuts this year, with markets pricing in 71 basis points of easing this year. At the beginning of the year, operators were estimating cuts of 150 basis points.
Traders are pricing in a 54.7% chance that the Federal Reserve will begin its easing cycle in June, the CME FedWatch tool showed, well below previous expectations.
Shivam Thakral, CEO of BuyUcoin, said: "No change in rate hikes is expected at the FOMC meeting. But volatility is still expected at Jerome Powell's press conference."
Meanwhile, other popular crypto tokens like BNB (-7%), Solana (-7.6%), Cardano (-7.2%), Avalanche (-4.6%), Dogecoin (-12%), Shiba Inu (-11.6%) and Polygon (9.5%) decreased. XRP, Polkadot, Tron, Toncoin and NEW Protocol also fell.
In the last 24 hours, the market capitalization of Bitcoin, the world's largest cryptocurrency, fell to $1.276 trillion. Bitcoin dominance is currently 52.44%, according to CoinMarketCap. BTC volume in the last 24 hours increased by 24.2% to $55.36 billion.
Technical view by Rajagopal Menon, Vice President, WazirX
The BTC exponential moving average for a 10-day EMA indicates โSellโ at 67825, and a 200-day EMA indicates โBuyโ at 44388. The simple moving average for a 10-day SMA indicates โSellโ at 69357 and a 200 EMA The Days SMA indicates โBuyโ at 40814.
The relative strength index (14) stands at 54, indicating "neutral." The Stochastic %K (14, 3, 3) at 49 indicates 'Neutral' and the Average Directional Index (14) at 45 indicates a 'Neutral' outlook.
The MACD level (12, 26), at 3373, indicates "Sell". The Fast Stochastic RSI (3, 3, 14, 14) at 11 indicates "Neutral" and the Williams Percentage at -73 indicates "Neutral".
(With contributions from agencies)
(Disclaimer: The recommendations, suggestions, views and opinions given by the experts are their own. They do not represent the views of The Economic Times)
