Cryptocurrency Price Update: March 19 – Bitcoin Dips Below $65,000 Ahead of US Fed Decision : dao asii wqoi asjsaq ewrtvcx

Bitcoin faced a 5.6% decline on Tuesday, sliding to $64,356, driven by profit booking and anticipation surrounding the Federal Reserve’s policy decision scheduled for Wednesday. Similarly, Ethereum, the second-largest cryptocurrency, also experienced a significant drop of over 7%, landing at $3,350.

In the past 24 hours, the global cryptocurrency market cap witnessed a decline of 5.35%, reaching approximately $2.45 trillion.

“Bitcoin saw a pullback to the $65,000 level due to increased profit booking and liquidations. Traders should closely monitor the $64,700 threshold as a critical level. A breach below this mark could potentially lead Bitcoin towards the $62,000 to $64,000 range,” explained Edul Patel, CEO of Mudrex.

Meanwhile, Vikram Subburaj, CEO of Giottus, commented, “A drop below $65,000 could signal a revisit to $61,000 in the near future.”

Additionally, the Federal Reserve’s policy decision on Wednesday garnered significant attention, with markets awaiting comments from Chair Jerome Powell and interest rate projections.

Following last week’s stronger-than-expected inflation reports, traders have adjusted their expectations for rate cuts this year. The market currently anticipates a 54.7% chance of the Fed beginning its easing cycle in June, down from previous estimates.

Shivam Thakral, CEO of BuyUcoin, remarked, “While no rate hike is expected at the FOMC meeting, Jerome Powell’s press conference could still induce volatility.”

In tandem with Bitcoin’s decline, several other major cryptocurrencies also saw negative movements, including BNB (-7%), Solana (-7.6%), Cardano (-7.2%), Avalanche (-4.6%), Dogecoin (-12%), Shiba Inu (-11.6%), and Polygon (9.5%). XRP, Polkadot, Tron, Toncoin, and NEW Protocol also registered losses.

In the last 24 hours, Bitcoin’s market cap decreased to $1.276 trillion, with its dominance currently at 52.44%, according to CoinMarketCap. Bitcoin’s trading volume in the same period surged by 24.2% to $55.36 billion.

Technical Analysis by Rajagopal Menon, Vice President, WazirX

BTC’s Exponential Moving Average for a 10-day EMA indicates a ‘Sell’ signal at 67,825, while a 200-day EMA suggests a ‘Buy’ signal at 44,388. The Simple Moving Average for a 10-day SMA indicates ‘Sell’ at 69,357, with a ‘Buy’ signal at 40,814 for the 200-day SMA.

The Relative Strength Index (14) sits at 54, indicating a ‘Neutral’ stance. The Stochastic %K (14, 3, 3) at 49 suggests a ‘Neutral’ outlook, and the Average Directional Index (14) at 45 indicates a ‘Neutral’ trend.

The MACD Level (12, 26), at 3,373, signals ‘Sell’. The Stochastic RSI Fast (3, 3, 14, 14) at 11 indicates ‘Neutral’, and the Williams Percentage at -73 also indicates a ‘Neutral’ stance.

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