As of 12:39 pm IST, Bitcoin fell 2.5% to $95,892, while Ethereum dropped 4.14% to $2,604. The global cryptocurrency market cap declined 3.11% to $3.14 trillion in the past 24 hours.

Bitcoin slipped below the $96,200 support level following comments from U.S. Federal Reserve Chair Jerome Powell at the House Financial Services Committee’s digital assets panel. Powell indicated plans for stablecoin regulation but ruled out the introduction of a central bank digital currency (CBDC) in the foreseeable future, CoinSwitch Markets Desk noted.

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Vikram Subburaj, CEO of Giottus, said, “Bitcoin is hovering around key resistance at $96,000 after Fed Chair Powell’s remarks on maintaining current interest rates. Spot Bitcoin ETFs saw $80 million in outflows, signaling bearish sentiment. However, with January CPI data due today, a softer print could boost confidence and push Bitcoin higher.”Also Read: Rich Dad Poor Dad author Robert Kiyosaki hails Trump as ‘The First Bitcoin President’

Other major altcoins, including XRP (-4.7%), Solana (-5.3%), BNB (-1%), Dogecoin (-6%), Cardano (-4.2%), Chainlink (-6%), Avalanche (-6.2%), Stellar (-6%), Tron (-3.2%), Sui (-8%), and Shiba Inu (-4.6%) also saw declines.In the last 24 hours, Bitcoin’s market cap dropped to $1.9 trillion. Bitcoin’s dominance now stands at 60.47%. BTC volume in the same period rose 7.7% to $36.95 billion. Meanwhile, stablecoins accounted for $94.9 billion of this volume, or 92.77%, according to CoinMarketCap.”Currently trading at $96,000, Bitcoin must break the $98,200 resistance level to move toward the $100,000 mark,” said Edul Patel, CEO and Cofounder of Mudrex.

Meanwhile, Sathvik Vishwanath, Co-Founder & CEO of Unocoin said, “Technical indicators, like the MACD and 50-day EMA, suggest a positive outlook for Bitcoin, with potential resistance levels near $100,000. However, if bearish pressure prevails, BTC could drop to around $92,00.”

Also Read: US crypto policies under Trump: A new era for global innovation

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)