Bitcoin saw its price drop on Monday, days after it rose to $97,000 at the end of last week.
On Monday, Bitcoin's price fell by nearly two percent on international exchanges, where it was trading at $94,407 (roughly Rs. 79.5 lakh). On Indian exchanges, the price of BTC slipped by 2.25 percent, bringing its value to $94,413 (roughly Rs. 79.5 lakh).
Market analysts told Gadgets 360 that the upcoming US Federal Open Market Committee (FOMC) meeting is causing market participants to tread cautiously.
"Bitcoin is trading at $94,400 (roughly Rs. 79 lakh) as investors remain cautiously optimistic ahead of the FOMC meeting slated for this week in the US. Bitcoin now faces resistance near the previous high of $97,900 (roughly Rs. 82.5 lakh), while major support stands at $92,000 (roughly Rs. 77.5 lakh)," Alankar Saxena, Co-founder and CTO of Mudrex said. "BTC just recorded its highest number of active addresses in six months, with over 925,000 addresses active in a single day. This rise in participation reflects growing investor interest and market engagement."
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