Bitcoin falls below $66,000 level ahead of Federal Reserve officials’ speeches

Major cryptocurrencies declined in Tuesday's trade ahead of a series of speeches by Federal Reserve officials later in the day. Meanwhile, the global cryptocurrency market cap dropped by 2.03% to around $2.36 trillion in the last 24 hours.

As of 11:45 a.m., Bitcoin was down 0.8% at $65,701, while Ethereum fell below the $3,450 level.

"The crypto market witnessed heavy liquidations recently primarily due to the hawkish stance by the US Fed. We can expect the market volatility to continue owing to uncertain macroeconomic factors," said Shivam Thakral, CEO of BuyUcoin.

Vikram Subburaj, CEO of Giottus, added, "Bitcoin has dropped below $66,000, wiping out its weekly gains. BTC’s price action points to a further decline in the short term, with critical support at $63,000. Altcoins will continue to bleed against Bitcoin if this trend continues."

Other altcoins and meme coins also declined: BNB (1.5%), Solana (4.8%), Toncoin (5.4%), Dogecoin (7.5%), Cardano (6.4%), and Shiba Inu (9%).

The volume of all stablecoins is now $89.84 billion, which is 92.87% of the total crypto market 24-hour volume, according to CoinMarketCap.

In the last 24 hours, the market cap of Bitcoin, the world's largest cryptocurrency, fell to $1.295 trillion. Bitcoin's dominance is currently 54.82%, according to CoinMarketCap. BTC volume in the last 24 hours rose 103% to $36.25 billion.

Tech view by Rajagopal Menon, Vice President, WazirX:
BTC has slipped below crucial support levels at $66,500 and $65,500. Currently, Bitcoin is experiencing a minor increase above the $65,000 level. The price managed to climb above the 23.6% Fibonacci retracement level from the recent downward move. It faces immediate resistance near the $66,000 level. Further resistance is anticipated at $66,500.

Additionally, the RSI for the BTC/USD pair is now below the 50 level, indicating weakened bullish momentum at least temporarily.

(Disclaimer: The views expressed by experts are their own and do not necessarily reflect those of The Economic Times)