Top cryptocurrencies collapsed before the US Federal Reserve’s statement on interest rates

Before the US Federal Reserve’s decision on interest rates, the cryptocurrency market experienced a decline. Bitcoin BTC $83,240.77 Bitcoin -2.34% Market capitalization $1.65 trillion VOL. 24 hours $3.48 billion , Ethereum ETH $1,807.21 Bridged Ether (StarkGate) -4.57% Market capitalization $0.16 billion VOL. 24 hours $1.43 billion , and Dogecoin DOGE $0.16 Binance-Peg Dogecoin -4.75% Market capitalization $0.42 billion VOL. 24 hours $0.25 billion lost value, and investors took a wait-and-see attitude.

Bitcoin fluctuated between $ 82,000 and $ 85,000, losing 1.6% per day. In the first quarter of the year, it fell by 11%, although it usually shows an average of 51% profitability during this period. Ethereum fell by 2%, trading between $ 1,860 and $ 1,930, and its quarterly losses have already amounted to 42%. DOGE also dropped by 3.62%, reaching $ 0.1701.

In total, more than $ 256 million was liquidated from the market over the past day, of which $ 177 million was accounted for by long positions. This resulted in a 2.76% drop in bitcoin’s open positions. At the same time, 52% of traders are still betting on the cryptocurrency’s growth, buying assets on the dip. The Fear and Greed Index is in the «fear» zone, indicating uncertainty among investors.

Popular analyst Ali Martinez called the $ 81,400 level a key support for bitcoin. If it stays above this level, the upward trend will continue. He also drew attention to the ascending triangle in the BTC chart, noting that a breakout of $ 84,500 could trigger an 8% increase. Another expert, Mikael van de Poppe, predicts a «strong and green» week for the market if there is no massive sale of altcoins on Monday.

The total capitalization of the crypto market now stands at $ 2.71 trillion, which is 2% less than the day before. Amid the expected decision of the US Federal Reserve, the market is showing instability, and the coming week may be crucial for the further movement of cryptocurrencies.