Fed Rate Decision Looms as Bitcoin Hovers Near $63K

Bitcoin hovered near $63,000 on Monday as investors assessed the potential impact of the Federal Reserve's rate decision. The cryptocurrency remained stable at around $63,336.

The global crypto market capitalization rose 0.35% to $2.17 trillion, according to CoinMarketCap. Bitcoin and Ethereum were up 0.53% and 0.75%, respectively, in the past 24 hours.

However, some experts expressed caution about the market's direction. Prateek Gupta, Head of Business at Mudrex, said that Bitcoin is testing its 200-week moving average and has reached its lowest level since August 3 due to rising geopolitical tensions and weaker institutional flows.

Nischal Shetty, founder of WazirX, noted that the daily technical setup for Bitcoin maintains a bearish bias, with moving averages remaining weak. This suggests that sellers still have the advantage in the market.