Market Falters Below $64K as Dollar Rebounds Ahead of Upcoming Fed Signals

Bitcoin’s price experienced a decline on Thursday, hovering below crucial levels as cryptocurrency markets faced pressure from a rebound in the dollar, with greater insights from the Federal Reserve anticipated in the coming days.

Overall risk sentiment weakened as Wall Street indices pulled back from record highs; however, Asian markets displayed a more optimistic outlook following stimulus measures in China.

Bitcoin decreased by 1.2%, trading at approximately $63,440.

### Bitcoin Struggles Below $65,000

The largest cryptocurrency fell short of the threshold that traders believe could trigger significant short-term gains. Reports indicate that the $65,000 mark is seen as a significant resistance point, as Bitcoin has not surpassed this level since early August.

The token has faced challenges in gaining momentum since reaching a peak in March, remaining largely within the $50,000 to $60,000 range for most of the year. Additionally, market sentiment was rattled by news of a 13-year-old Bitcoin wallet, containing around $3 million, becoming active again and moving its tokens to an exchange.

With the expiration of Bitcoin and Ether contracts worth billions expected on Friday, some volatility in the crypto markets is likely. Attention is also on the potential upcoming approval of options related to a major Bitcoin Trust by the Securities and Exchange Commission, which could draw more institutional investment into the crypto space.

### Dollar Rebound Affects Crypto Markets, Awaited Powell Speech

A rebound in the dollar put pressure on cryptocurrency markets, with the dollar recovering sharply from a one-year low observed on Wednesday. The strength of the dollar coincides with uncertainty regarding the Federal Reserve’s future interest rate cuts after a significant reduction of 50 basis points last week.

This week, several Federal Reserve officials expressed support for the recent cut but voiced doubts about the pace of subsequent easing measures. Further guidance on this matter is expected from a speech later on Thursday.

Key U.S. economic indicators are also on the agenda, including a revised reading on second-quarter gross domestic product and weekly jobless claims due later on Thursday, along with inflation data, which is the Fed’s preferred gauge for measuring inflation, set to be released on Friday.

### Crypto Prices Today: Altcoins Slide

The broader cryptocurrency market reflected a subdued atmosphere, with major altcoins following Bitcoin’s downward path. The second-largest cryptocurrency dropped by 0.8% to around $2,604.67, while other notable cryptocurrencies showed minimal movement.

Among memecoins, a slight decrease of 0.3% was observed.