Bitcoin falls below $66,000 level ahead of Federal Reserve officials’ speeches
![](https://m.economictimes.com/thumb/height-450,width-600,imgsize-2198394,msid-111092310/bitcoin.jpg)
Synopsis
Vikram Subburaj, CEO of Giottus, noted that Bitcoin has fallen below $66,000, erasing its weekly gains. BTC’s price action suggests a further decline in the short term, with critical support at $63,000. If this trend persists, altcoins will continue to suffer against Bitcoin.
"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.
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Additionally, the RSI for the BTC/USD pair is now below the 50 level, indicating weakened bullish momentum at least temporarily.
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