Bitcoin hovers near $63,000 as Fed announcement keeps markets cautious
Bitcoin is having a tough week, hovering just above $63,000 while everyone waits to see what the US Federal Reserve will announce.
In the past 24 hours, bitcoin slid nearly 3%, with Ethereum and other popular coins like BNB and XRP dropping even more, some by over 7%.
Even though oil prices softened and U.S.-Iran tensions eased a bit, crypto markets remained cautious as the market awaited the Federal Reserve's announcement.
Analysts: Bitcoin needs to hold $62,500-$62,800
Analysts say bitcoin needs to hold between $62,500 and $62,800. If it drops lower, we could see more selling and forced liquidations.
Last week saw over $465 million pulled from spot bitcoin ETFs as big investors turned cautious.
Still, some experts like Pi42 Co-Founder & CEO Avinash Shekhar believe that long-term trends like institutional adoption remain strong despite these short-term ups and downs.