Crypto prices today: Bitcoin falls below $94k ahead of Fed decision

Economic Times

05-05-2025

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The crypto market traded lower on Monday as investors awaited the US Federal Reserve 's interest rate decision later this week. Bitcoin slipped 1.4% to $94,587 as of 12:01 PM IST, after touching an intraday high of $96,089. Ethereum fell 1.5% to $1,815, while the global crypto market cap dipped 1.05% to $2.95 trillion. Altcoins also faced selling pressure, with Shiba Inu, Dogecoin, and Cardano all down over 1%. XRP fell 1.4%, BNB 1%, Toncoin 1.7%, and Hedera 1.4%.Bitcoin's market cap dropped to $1.879 trillion, with its dominance easing to 63.69%. Meanwhile, daily crypto trading volume rose 31.6% to $21.52 billion, largely led by stablecoins, which accounted for over 91% of activity.'Bitcoin is again in the consolidation zone between $91,500 and $96,000,' said Piyush Walke, Derivatives Research Analyst at Delta Exchange. He noted that the current price action is forming a Flag and Pole pattern—a bullish signal that could push BTC toward $100,000 if confirmed with high volume.Shivam Thakral, CEO of BuyUcoin, said the market is 'bracing for the Fed's decision,' with investors leaning toward a pause in rate changes amidst macro uncertainty. 'Gold is gaining traction, but BTC has held firm above the $94,000 mark,' he added.According to Vikram Subburaj, CEO of Giottus, liquidity near $91,000 may be tested in the near term. 'An interest rate cut would boost sentiment, though analysts don't see that as a likely outcome,' he said.Adding to the cautious optimism, Mudrex Co-founder and CTO Alankar Saxena pointed out that Bitcoin recently recorded over 925,000 active addresses in a single day—the highest in six months—indicating strong underlying network activity. 'A dovish Fed stance could ignite a rally toward the $100,000 mark,' Saxena said, with the next key resistance seen around $97,900.With the Federal Open Market Committee (FOMC) decision looming, crypto investors are likely to remain on edge, weighing macroeconomic cues against technical market signals.: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)