Bitcoin on Monday, April 29, fell in price to its lowest level since mid-April. The digital currency is declining ahead of a Federal Reserve meeting.
The U.S. regulator is expected to keep the discount rate on hold this week as inflation is still above the 2% target, Bloomberg analysts said.
At the time of publication of this review bitcoin was trading around $62,260. Over the week, its capitalization fell 6.5% to $1.223 trillion.
Ether (ETH) and Binance Coin (BNB) fell to $3184 and $587, respectively. Solana (SOL) and Dogecoin (DOGE) have collapsed more than 13% to $135 and $0.141 in the past seven days.
Mid-capitalization altcoins have seen more widespread outflows. Avalanche (AVAX) fell 15.3% to $33.23. Polkadot (DOT) and Chainlink (LINK) lost more than 12% in value and fell to $6.58 and $13.88, CNBC reported.
Bitcoin could fall below $60,000 in the coming days if the Federal Reserve confirms a moderately tight monetary policy.
The pressure will intensify in case of capital outflows from the spot bitcoin-ETF market.
A strong resistance zone has formed at the $70,000 level. BTC failed to overcome this barrier, and the subsequent pullback was the result of weakening bullish activity.