Bitcoin Slips After Profit-Taking After FOMC Rally, But $100K Chance Rises
Traders warn that Thursday's move will be a light rally, with support at $80,000 to be watched.
Author: Shaurya Malwa | Edited by: Parikshit Mishra Updated: Mar 21, 2025 9:49 AM UTC Published: Mar 21, 2025 8:14 AM UTC
What you should know:
- Bitcoin and other key tokens have lost more than 3%, with BTC falling below $84,000.
- The only significant tokens that rose by 2% were Tron's TRX and TON.
- The probability that the BTC price will exceed $100 thousand by June 30 has increased to almost 30%.
Bitcoin (BTC) and other key tokens lost more than 3% as Thursday's gains were met with profit-taking in the early Asian trading hours on Friday, in line with expectations.
The overall crypto market cap has fallen 3.2% in the last 24 hours, with BTC falling from $86,000 to below $84,000, Ethereum (ETH) falling below $2,000, and Solana's SOL losing 5%.
XRP saw steady declines, extending a 10% jump on Wednesday to a weekly gain of 4.8%, while BNB Chain's BNB continued to rally, extending its weekly gain by more than 8%.
At the time of publication, the only major tokens in positive territory were TRX and Tron's TON, which were up 2% each.
TRX launched for the first time on Solana on Thursday evening in an attempt to expand its user base. TON has seen a surge in retail demand after the Toncoin Foundation announced that venture capital firms now hold more than $400 million in assets following new investments.
The Federal Open Market Committee (FOMC) meeting on Wednesday provided a short-term boost to the rally that markets had been expecting, pushing BTC above $85,000 as no rate cut was announced.
However, the Fed said it would scale back its “quantitative tightening” program from April, which traders likely interpreted as an indirect rate cut, Singapore-based QCP Capital noted on its Telegram channel. Options markets began to position themselves accordingly.
“The probability of BTC exceeding $100,000 by June 30 has increased from 20% to almost 30% in the last 24 hours,” Dr. Sean Dawson, head of research at options platform onchain derive.xyz, told CoinDesk in an email.
“While the odds of ETH staying above $2,000 by June 30 are currently a coin flip — 24 hours ago it was 40%. Almost 60% of ETH options traded on Derive.xyz over the last 24 hours were bought call options, indicating bullish sentiment. For BTC, 34% of the total volume was bought, reflecting demand for downside protection,” Dawson added.
FxPro's Alex Kuptskevich, who sees the $80,000 support level as a critical one to watch for a break, maintained a cautious tone.
Источник
