Bitcoin Price Falls to $94,000 Before US FOMC Meeting
Bitcoin experienced a notable decline over the weekend, following a surge that brought its price to $97,000 just days earlier. As of Monday, Bitcoin was trading at approximately $94,407 on international exchanges, reflecting a nearly two percent drop. In India, the cryptocurrency’s value decreased by 2.25 percent, settling at around $94,413. Market analysts attribute this cautious sentiment to the upcoming US Federal Open Market Committee (FOMC) meeting, which has investors on edge.
Market Trends and Investor Sentiment
Bitcoin’s current trading price stands at $94,400, as investors remain cautiously optimistic ahead of the FOMC meeting scheduled for this week. Alankar Saxena, Co-founder and CTO of Mudrex, noted that Bitcoin is facing resistance near its previous high of $97,900, while significant support is identified at $92,000. Interestingly, Bitcoin recently recorded its highest number of active addresses in six months, with over 925,000 addresses active in a single day. This surge in participation indicates a growing interest among investors and increased market engagement.
In parallel, Ether also saw a decline, with its price dropping by 1.77 percent on global exchanges, now trading at $1,806. On Indian exchanges, Ether’s value fell by 3.81 percent, reaching $1,809. Avinash Shekhar, Co-founder and CEO of Pi42, remarked that investors are seeking stability amid the current volatility. He anticipates that the market will remain range-bound in the short term, with potential breakouts dependent on macroeconomic sentiment and institutional investment flows.
Altcoin Performance and Market Valuation
The broader cryptocurrency market reflected a downward trend, with most altcoins experiencing price drops on Monday. Notable cryptocurrencies such as Ripple, Solana, Avalanche, Stellar, and Shiba Inu all saw declines. Additionally, Monero, Cronos, EOS Coin, and Elrond were trading at lower values. Overall, the cryptocurrency market dipped by 1.50 percent in the last 24 hours, bringing its total valuation to approximately $2.94 trillion.
CoinDCX’s research team highlighted that Bitcoin’s price continues to decline after closing the previous week on a bearish note. Many altcoins are facing upward pressure, indicating a potential retracement phase in the crypto market. The top ten tokens are closely following Bitcoin’s trajectory, reflecting the interconnected nature of cryptocurrency prices.
Market Outlook and Institutional Interest
Despite the current slowdown, some altcoins, including Tron, Leo, Iota, and Polygon, have remained unaffected and even saw price increases on Monday. The CoinSwitch Markets Desk expressed an optimistic market sentiment, citing potential US-China trade negotiations and a positive trend in traditional markets, with the S&P 500 and Nasdaq composite both closing the week with gains of approximately 1.5 percent. However, industry analysts advise caution among investors.
Himanshu Maradiya, Founder and Chairman of CIFDAQ exchange, noted that institutional interest in cryptocurrencies is on the rise, with traditional finance exploring tokenized assets and blockchain-based fund structures. While there is evident optimism, traders are advised to remain cautious, especially near psychological price levels like $100,000, where volatility tends to increase. Overall, the market tone appears constructive, with broad-based support across various sectors.
Cryptocurrency remains an unregulated digital currency and is not considered legal tender, making it subject to market risks. The information provided in this article does not constitute financial or trading advice, and NDTV is not responsible for any investment losses based on the information herein.
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