Investing.com– Bitcoin fell on Thursday, stalling below key levels as cryptocurrency markets were under pressure from a dollar rebound ahead of more guidance from the Federal Reserve in the coming days.
Overall risk sentiment also deteriorated as Wall Street indexes fell from record highs, although Asian markets were much more upbeat following stimulus measures in China.
fell 1.2% to $63,440.2 by 01:07 ET (05:07 GMT).
Bitcoin teeters below $65k breakout
The world’s largest cryptocurrency has rebounded from levels that traders believe should bring huge profits in the miniature term.
According to a report by Coindesk, the $65,000 level is considered a major resistance level, considering that Bitcoin has not risen above this level since early August.
Since March, when it reached an all-time high, the token has struggled to keep up with the price growth, with most of the year seeing its price hovering between $50,000 and $60,000.
Market sentiment was somewhat alarmed by reports that a 13-year-old Bitcoin wallet, containing assets worth about $3 million, had woken up after years of dormancy and listed its tokens on an exchange.
Bitcoin and Ethereum futures worth several billion dollars are scheduled to expire on Friday, which is likely to cause some volatility in the cryptocurrency markets.
Attention is also focused on the potential upcoming approval of options related to BlackRock’s iShares Bitcoin Trust (NASDAQ:) by the Securities and Exchange Commission. The approval is expected to attract more institutional capital to cryptocurrencies.
Dollar bounce puts pressure on cryptocurrencies, Powell speech expected
Cryptocurrency markets have been rebounding as they have come under pressure, with the U.S. dollar on Wednesday rebounding sharply from its lowest level in more than a year.
The dollar strengthened amid uncertainty over how much the Federal Reserve will cut interest rates in the coming months, after making a significant 50 basis point cut last week.
Several Federal Reserve officials said this week they supported last week’s rate cut but were uncertain about the pace of future easing. They plan to provide more guidance on Thursday.
Key economic data from the United States will also be available, with second-quarter and weekly data expected on Thursday.
the data – the Fed’s preferred inflation gauge – is due to be released on Friday.
Cryptocurrency price today: altcoins drift down
Cryptocurrency prices were generally muted, with major altcoins following bitcoin’s price declines.
The world’s No. 2 cryptocurrency fell 0.8% to $2,604.67, while prices ranged from flat to low.
Among memcoins, the loss was 0.3%.
