- Bitcoin dropped over 4% to below $70,000 after the U.S. Federal Reserve held interest rates steady and geopolitical tensions escalated.
- Two large-scale investors sold 5,650 BTC on Wednesday, contributing over $117 million in sell pressure, according to on-chain intelligence.
- Market experts identify $70,000–$72,000 as a crucial support zone but warn of continued low volatility.
The cryptocurrency and equity markets experienced a significant sell-off on Wednesday following the U.S. Federal Reserve’s decision to maintain interest rates within the 3.50%-3.75% range. Bitcoin plummeted over 4% to an intraday low of $69,537, data from CoinGecko confirms, with global assets like the Nikkei and S&P 500 also declining.
Consequently, investor sentiment shifted dramatically, with prediction market Myriad now showing users assign only a 50% chance for a Bitcoin rally to $84,000. The sharp price decline from $75,000 also triggered over $511 million in market liquidations in 24 hours, CoinGlass data shows, of which $417 million were long positions.
Meanwhile, major “whale” wallets offloaded 5,000 and 650 BTC, adding substantial selling pressure. Experts told Decrypt that Bitcoin is likely to remain range-bound in the near term.
Rachel Lin, CEO of decentralized exchange SynFutures, stated, “The $70,000–$72,000 zone is emerging as an important near-term support.” Adam Chu of GreeksLive highlighted significant open interest of $14.05 billion, expiring on March 27. Chu added, “With the quarterly settlement week approaching, Bitcoin may enter a period of relatively low volatility unless major events occur.”
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