Bitcoin Slumps to 11-Day Low Amid Fed Rate Hike Worries

Bitcoin fell to an 11-day low of $63,414 on Tuesday amid growing market anxiety over potential US Federal Reserve interest rate hikes. The shift in sentiment reflects investors' re-evaluation of global monetary policy expectations.

The sharp decline in early trading on Tuesday saw Bitcoin slide 2.3% to touch $63,414, its lowest level in eleven days. This retreat is partly attributed to the recent performance of US-listed Bitcoin exchange-traded funds (ETFs), which saw significant withdrawals totaling over $465 million combined on July 23 and July 24.

Market analysts are now focusing on key technical support levels to gauge the potential for further correction. With the current price hovering near the $63,000 range, market participants are looking toward $62,000 and $60,000 as critical floors for the asset.