Bitcoin price fell below $64k as dollar rebounded, causing market pressure before Federal Reserve cues.

From Investing.com
September 26, 2024 01:31:24 AM:

Bitcoin’s price fell below crucial levels as the dollar rebounded, sparking pressure on the cryptocurrency markets ahead of Federal Reserve cues. Market sentiment soured as Wall Street indexes dropped from record highs. Bitcoin struggled to surpass $65,000, with market volatility expected from expiring contracts and potential SEC approval of BlackRock’s Bitcoin options.

Bitcoin retreated from $65,000 levels expected to drive significant gains, with traders citing resistance since early August. Market sentiment was unsettled by a dormant 13-year-old Bitcoin wallet reactivating with holdings worth $3 million. The token has stagnated between $50,000 to $60,000 despite hitting a record high in March.

A dollar rebound from an over one-year low pressured cryptocurrency markets, fueled by uncertainty over future Federal Reserve interest rate cuts. Markets await Fed Chair Powell’s speech for further guidance, along with key economic readings. Altcoins mirrored Bitcoin’s decline, with Ethereum falling 0.8% to $2,604.67 and memecoin Dogecoin losing 0.3%.

Read more at Investing.com: falters below $64k as dollar rebounds before more Fed cues By Investing.com