Bitcoin traded near the $63,000 mark on Tuesday as investors awaited the outcome of the US Federal Reserve's policy meeting, even as geopolitical tensions showed signs of easing. The world's largest cryptocurrency was trading at $63,458.
Over the past 24 hours, Bitcoin fell 2.93%, while Ethereum declined 4.31% to $1,884. Among major altcoins, BNB, XRP, Solana, Tron, Hyperliquid, Dogecoin, and Cardano dropped as much as 7.69%.
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Softer oil prices and a pause in the U.S.-Iran conflict have improved overall risk appetite, helping crypto recover from recent weakness. However, over $465 million in spot Bitcoin ETF outflows at the end of last week suggest institutional conviction remains fragile, said Nischal Shetty, founder, WazirX.
the immediate support zone lies between $62,500 and $62,800. Holding this range could encourage buyers to step in and support a short-term recovery, while a decisive break below it may accelerate selling pressure and trigger long liquidations, Shetty said.
The global crypto market capitalisation edged down 2.7% to $2.17 trillion, according to CoinMarketCap. Selling pressure appears to have capitulated the Crypto markets as Bitcoin slashes close to $63,000, while holding the support firmly and Bitcoin traders faced $75M liquidations after three failed attempts to clear $65,500, said CoinDCX Research Team.
Avinash Shekhar, Co-Founder & CEO, Pi42 said the volatility is likely to persist in the near term, long-term fundamentals remain intact as institutional adoption, ETF participation and broader digital asset infrastructure continue to strengthen.
Staggered allocations, prudent position sizing and a focus on fundamentally strong assets can help investors navigate periods of uncertainty while staying aligned with the broader growth trajectory of the digital asset ecosystem, Shekhar further said.
In the past week, Bitcoin and Ethereum were down 3.66% and 2.55% respectively. Among the major altcoins, BNB, XRP, Solana, Tron, Hyperliquid, Dogecoin, and Cardano fell upto 12.40%.
CoinSwitch Markets Desk said BTC also held above its 21-day and 50-day moving averages near $64.3K and $63.3K, preserving short-term support and momentum remains limited, and a sustained move above the $66K–$67K resistance zone is needed to confirm stronger buying interest and improve the near-term outlook.
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Here is what other analyst say
Riya Sehgal, Research Analyst, Delta Exchange : Bitcoin has fallen sharply toward $63,000, triggering a significant unwinding of leveraged positions. According to CoinGlass data, 165,529 traders were liquidated over the past 24 hours, with total liquidations reaching approximately $682.25 million in the crypto market.
Akshat Siddhant, Lead quant analyst, Mudrex: Bitcoin came under renewed selling pressure ahead of the FOMC meeting, slipping to around $63,000 as investors reduced exposure to risk assets before the Federal Reserve's policy decision.
( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
