Bitcoin Drops 2.66% as Traders Eye Fed January Minutes
Bitcoin slid 2.66% as trading volumes ticked up despite $138 million in long liquidations. Open interest rose 0.68% while investors awaited the Fed’s January meeting minutes, and analysts noted the cryptocurrency remains stuck in a narrow consolidation range.
1. Price Decline and Volume
Bitcoin fell 2.66% to $67,011.90, touching an intraday low of $66,600, while 24-hour trading volume edged higher, reflecting heightened activity despite overall market weakness.
2. Liquidations and Open Interest
Roughly $200 million was liquidated across major cryptocurrencies in the past 24 hours, with $138 million in long positions wiped out, even as Bitcoin’s open interest climbed 0.68%.
3. Fed Meeting Impact
Market participants held positions in anticipation of the Federal Reserve’s release of January policy meeting minutes, seeking guidance on the pace of future rate adjustments and potential volatility in digital assets.
4. Analyst Outlook
Trader Michaël van de Poppe highlighted Bitcoin’s $66,000–$70,000 consolidation as a favorable buying zone, while Satoshi Flipper identified a symmetrical triangle pattern on the 4-hour chart with a projected breakout toward $85,000.