Bitcoin Teeters on $64K as Fed Decision Boosts Futures Open Interest

Bitcoin has hovered near $64,000 after the US Federal Reserve kept interest rates unchanged at 3.50%-3.75%. This decision came as a relief to investors, with Bitcoin trading at $64,062, up 0.26% over the past 24 hours.

Futures open interest climbed to a two-month high, indicating increased leveraged trading. CoinSwitch Markets Desk noted that positive funding rates suggest many traders still expect prices to rise. However, BTC needs to reclaim $64,000 to improve momentum and avoid fresh selling.

Avinash Shekhar, Co-Founder and CEO of Pi42, stated that growing institutional participation, sustained inflows into spot ETFs, and Bitcoin's fixed supply continue to reinforce confidence in its long-term outlook. He added that projections of significantly higher valuations in the coming years reflect a growing belief that the next phase of Bitcoin's growth will be driven by broader adoption and sustained capital inflows.

According to CoinMarketCap, the global cryptocurrency market capitalisation slipped 0.04% to $2.18 trillion. The Fear & Greed Index has slipped to 35, indicating that market sentiment remains in the fear zone. Over the past week, Bitcoin and Ethereum have declined 2.58% and 1.13%, respectively.