In a challenging week for the cryptocurrency market, Bitcoin (BTC) has faced strong volatility after a brief period of recovery. BTC, which had experienced significant appreciation at the start of the month, quickly reversed course, plummeting to a two-month low of $56,500 last week.

Now, despite an attempted recovery fueled by the US Federal Reserve’s decision to keep interest rates stable, BTC is now struggling to stay above the $62,000 level. At the time of publication, the price of BTC was quoted at US$62,245.48 with a drop of 3% in the last 24 hours.

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The outlook for altcoins is also downward. Coins such as Dogecoin (DOGE), Solana (SOL) and Cardano (ADA) recorded drops of more than 5% in the last 24 hours.

At the height of its recent rally, Bitcoin briefly surpassed $65,000, reaching a 12-day high. However, this rally was short-lived as the price dropped to $63,000 before wavering again, marking a further drop to just over $62,000. This recent instability has directly impacted the cryptocurrency’s market capitalization, which has seen a significant reduction, reflecting market hesitancy.

Meanwhile, other large-cap cryptocurrencies such as Ethereum (ETH) and Binance Coin (BNB) have also faced pullbacks. ETH fell to around $3,000, while BNB regressed to $580. This negative trend is not limited to just the most well-known cryptocurrencies, with several low- and mid-cap coins recording significant drops, such as WIF, ZBC, JUP, SUI, and FLOKI.