Bitcoin Bulls Hold Breath Ahead of Fed Rate Cut Decision
Crypto markets saw modest gains on Tuesday as investors weighed geopolitical tensions and awaited the Federal Reserve's interest rate decision. Bitcoin led the charge, reaching a high of $64,100 but facing resistance with trading volume plummeting.
Ethereum moved in tandem, before meeting strong selling pressure after reaching $1.20. A total of over $330 million was liquidated from the market in the last 24 hours, with $241 million in bullish long positions erased, according to data from Coinglass.
Ali Martinez, a widely followed cryptocurrency analyst and trader, projects Bitcoin's 'next major market bottom' may arrive in the first half of October, assuming the four-year cycle theory remains valid. However, on-chain analytics firm CryptoQuant noted a sharp decline in Bitcoin spot volumes on major exchanges compared to late 2024.
The Federal Reserve's decision on interest rates is due on Wednesday, with odds around 70% that rates will remain unchanged, according to the CME FedWatch tool.