Bitcoin drops to $57,500, pushing the market back into fear mode after briefly hitting neutral.
Traders are divided as they await a potential Federal Reserve rate cut decision.
Analysts warn that a larger rate cut could unsettle investors and dampen market optimism.
The crypto market faced unexpected bearish pressure on Monday after several days of uptrend that saw Bitcoin surpass $60,000. Bitcoin dropped to $57,500 yesterday, pushing the crypto marketâs fear and greed index back to fear mode just a day after it had reached neutral.
Although the market is currently in fear mode, popular community figure Sheldon The Sniper has advised against panic selling. He noted that he is currently more bullish than ever on altcoins despite the brief downturn.
Sheldon acknowledged that the market remains volatile, largely due to being at a critical resistance level, which he referred to as a period of relative stability or âthe boring part.â He warned that the resulting price movement could catch many off guard once these resistance levels are broken.
All Eyes on the Fedâs Economic Decision
A key factor driving his optimism is the upcoming Federal Open MarkâŠ
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