Bitcoin Price Drops Below $65k as Dollar Rebounds and Federal Reserve Speech Looms
In the latest cryptocurrency market update, Bitcoin's price fell below $65,000 as the dollar rebounded and investors awaited more cues from the Federal Reserve. Wall Street indexes retreated from record highs, but Asian markets remained upbeat following stimulus measures in China.
Bitcoin dropped 1.2% to $63,440.2, struggling to break above key resistance levels that could trigger strong gains. Market sentiment was also affected by a 13-year-old Bitcoin wallet with $3 million worth of holdings coming back to life and moving tokens onto an exchange. Additionally, the expiration of contracts on Bitcoin and Ether worth billions is expected to bring volatility to the market.
The dollar's rebound put pressure on crypto markets, with uncertainty surrounding the Federal Reserve's future interest rate cuts adding to the mix. Federal Reserve Chairman Jerome Powell's speech later on Thursday is expected to provide more clarity on the situation.
Altcoins followed Bitcoin's decline, with Ethereum falling 0.8% to $2,604.67 and other major cryptocurrencies trading flat or lower. Memecoin Dogecoin also lost value in the market.
In summary, the cryptocurrency market is facing uncertainty as Bitcoin struggles to break key resistance levels and the dollar rebounds. Investors are eagerly awaiting the Federal Reserve's next moves, which could impact the future direction of both crypto and traditional markets. It's important for investors to stay informed and exercise caution during these volatile times.