Bitcoin drops to $63K, fails to rebound after Fed hints at future interest rate cuts
Bitcoin surprised traders by opening the week in the red, and the Federal Reserve’s announcement about future rate cuts failed to reverse the downtrend.
Bitcoin opened the week with a sell-off to $63,000, and the intra-day trend was not impacted by United States Federal Reserve Chair Jerome Powell’s statement that additional rate cuts were part of the Fed’s plan. Despite the correction, Bitcoin price remains on track to close Q3 with positive returns.
On Sept. 30, Bitcoin (BTC) fell from a high of $65,634, dropping approximately 4% to an intraday low of $63,049, according to data from Cointelegraph Markets Pro and TradingView. At the time of publication, Bitcoin price was exchanging hands at $63,344, down 3.6% over the last 24 hours.
BTC/USD hourly chart. Source: TradingView
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Author: Nancy Lubale
