Bitcoin traded around $63,600 on Tuesday, as prices appear to be consolidating within the $62,000 and $64,700 key levels.
Bitcoin is consolidating around the $63,600 level following mild profit-taking from holders. Ethereum bounced off the $2,595 support, and XRP is moving horizontally around $0.589. SUI has given investors a monthly gain of 65% after seeing key updates within its ecosystem. Bitcoin , Ethereum and XRP updates On-chain data shows that the consolidation may be due to profit-taking by holders and mild Bitcoin ETF net inflows of $4.5 million, per Farside Investors data.
While Chinese stocks rallied after the announcement, the price of Bitcoin and altcoins showed no response, unlike the crypto market rally that followed the US Federal Reserve's decision to cut interest rates by 50 bps. The reaction underscores Bitcoin and crypto's rising correlation to Fed rates and US stocks. However, with central banks worldwide gradually easing economic policies and a historically positive Q4 for crypto, the market may continue its impressive rise in the coming weeks.
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