Bitcoin Dips Below $63K as Market Volatility Intensifies

The Bitcoin (BTC) price has been volatile over the past few days, dipping below $63,000 and even reaching as low as $62,200. The larger-cap alts have also joined the decline, with Ethereum (ETH) falling below $1,850 and XRP heading towards a familiar support level.

The previous business week saw BTC defend the $64,000 support and jump to $65,600 on a couple of occasions, but the second rejection was painful. The Fed's decision to maintain interest rates unchanged during the FOMC meeting did little to calm market nerves, with BTC jumping on Friday morning only to be driven south by bears.

The US President's canceled attacks against Iran and the promise of a new deal to reopen the Strait of Hormuz brought a relief rally on Sunday morning, but BTC was halted at $63,700. The leg down on Monday was unfavorable for the bulls, driving the cryptocurrency south to $62,200 once again.