Bitcoin price drops below $95,000 as investors tread cautiously ahead of US Federal Open Market Committee (FOMC) meeting

Bitcoin price slipped on Monday, continuing to drop after slipping below the $90,000 mark over the weekend. The world’s biggest cryptocurrency slipped to as low as $94,407 in the last 24 hours, according to data from international exchanges. This marks a decline of 1.98 percent.

On Indian exchanges, Bitcoin price slipped further by 2.25 percent to reach $94,413.

At press time (8:38 AM, Monday),

Bitcoin price on international exchanges was $94,407 (roughly Rs. 79.5 lakh).

On Indian exchanges, BTC was trading at $94,413 (roughly Rs. 79.5 lakh).

"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). 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," said Alankar Saxena, Co-founder and CTO of Mudrex.

The upcoming US Federal Open Market Committee (FOMC) meeting is expected to impact the crypto market, while a report by Graylag pointed out that BTC had clocked its highest number of active addresses—925,000—in six months, highlighting growing investor interest and market engagement.

"Investors are seeking stability amid volatility. We expect the market to remain range-bound in the short term, with breakout potential hinging on macro sentiment and institutional flows," said Avinash Shekhar, Co-founder and CEO, Pi42.

Highlighting the trends in the broader crypto market, the crypto price tracker by Gadgets 360 showed that most altcoins slipped in value on Monday.

Among the top 10 cryptocurrencies, Ripple, Solana, Avalanche, Stellar, and Shiba Inu saw their prices slip.

Monero, Cronos, EOS Coin, and Elrond were also trading at lower values on Monday.

The overall crypto market dipped by 1.50 percent in the last 24 hours, bringing its valuation to $2.94 trillion (roughly Rs. 2,47,70,431 crore), according to CoinMarketCap.

"Bitcoin's price continues to plunge after closing the weekly trade on a bearish note. Most of the altcoins have been facing notable upward pressure. The crypto market seems to have entered a retracement phase. The top 10 tokens are closely following Bitcoin's trajectory," CoinDCX's research team said.

However, some altcoins weren't affected by the current slowdown, and their prices went up on Monday. These include Tron, Leo, Iota, and Polygon.

The CoinSwitch Markets Desk, in its opinion, called the market sentiment optimistic, owing to potential US-China trade negotiations and the prevailing positive trend in traditional markets with S&P 500 and Nasdaq composite, both closing the week with a gain of ~1.5 percent. Industry analysts have advised investors to be cautious.

"Institutional interest is rising, with traditional finance exploring tokenised assets and blockchain-based fund structures. While optimism is evident, traders should remain cautious near psychological levels like $100K, where volatility tends to spike. Overall, the market tone remains constructive with broad-based support across sectors," said Himanshu Maradiya, Founder and Chairman, CIFDAQ exchange.