Bitcoin

The total cryptocurrency market cap has declined by over $60 billion in the day following the FOMC meeting. Bitcoin’s price fell below $65,000 as the FOMC signaled a hawkish stance on a potential rate cut in September.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/d1bffccd92924ceba348908cb1ff5c44.png" />Among the hardest hit was Book Of Meme coin (BOME), which dropped by 12% in the last 24 hours. This significant decline highlights the market’s reaction to the recent Federal Reserve announcements.<h3 id="strong-crypto-market-decline-following-fomc-meeting-strong">Crypto Market Decline Following FOMC Meeting</h3>The total cryptocurrency market cap fell by over $60 billion in the last 24 hours after the Federal Open Market Committee (FOMC) displayed a hawkish tone regarding potential rate cuts in September. Although interest rates were held steady between 5.25% and 5.50%, there was no clarity on future moves.Brian Quinlivan, Lead Analyst at Santiment, commented on the market reaction, saying, “It’s all about the FOMC and Jerome Powell’s decision to keep interest rates steady. There has definitely been a noticeable letdown from the crowd, who were hoping this would be the first time we would see rate cuts since March 2020.”As a result, the total crypto market cap dropped below $2.25 trillion, losing support at $2.30 trillion for the first time in two weeks. The market cap is now approaching the support level of $2.20 trillion.For a potential recovery, the $2.30 trillion level would need to be regained as support, which could push the market cap back towards $2.40 trillion.<h3 id="strong-bitcoin-faces-pressure-after-fomc-meeting-key-support-levels-in-focus-strong">Bitcoin Faces Pressure After FOMC Meeting: Key Support Levels in Focus</h3>Bitcoin’s price is currently at $64,222 after falling below the important psychological support level of $65,000. The broader market reaction to the FOMC meeting has put additional pressure on BTC, which is now approaching the next critical support level at $63,100.This $63,100 level has been tested several times in late July. If Bitcoin fails to hold this support, it could drop to $60,000, erasing a significant portion of its recent gains.However, if Bitcoin bounces back from $63,100, it could invalidate the bearish outlook and offer a chance to rise and reclaim support at $67,000.<a href="https://cryptosheadlines.com/trump-and-lummis-lead-push-for-us-national-bitcoin-reserve/" rel="noopener noreferrer nofollow">Also Read: Trump and Lummis Lead Push for US National Bitcoin Reserve</a><h3 id="strong-book-of-meme-coin-bome-drops-12-key-levels-and-future-outlook-strong">Book Of Meme Coin (BOME) Drops 12%: Key Levels and Future Outlook</h3>Book Of Meme Coin (BOME) emerged as the biggest loser of the day, falling by 12%. The meme coin failed to break through resistance at $0.011 and is currently trading at $0.009.There is a high likelihood of further decline, with BOME potentially dropping to test support at $0.008. Such a move would wipe out the gains made over the past ten days.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/b34667d0efb942799049a004160d65c9.webp" />BOME Price Analysis. Source: <a href="https://www.tradingview.com/" rel="noopener noreferrer nofollow">TradingView</a>However, if meme coin enthusiasts see this as a buying opportunity and accumulate BOME at a lower price, the coin could bounce back and invalidate the current bearish outlook.Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.Join Cryptos Headlines <a href="https://linktr.ee/cryptosheadlines.com" rel="noopener noreferrer nofollow">Community</a>Follow Cryptos Headlines on <a href="https://news.google.com/publications/CAAqBwgKMLz3-wowvuzoAg" rel="noopener noreferrer nofollow">Google News</a>

Why Is the Crypto Market Falling Today? Find Out Inside

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