Bitcoin (BTC) Spikes Above $66K, Ethereum (ETH) Encounters Choppy Behavior Ahead of Powell's Speech

Leading cryptocurrencies traded flat Sunday ahead of Federal Reserve Chair Jerome Powell's speech on the direction of interest rate cuts in the coming months.

Cryptocurrencies encountered choppy price movements Sunday evening, with Bitcoin and Ethereum displaying a choppy price action.

Bitcoin price hovered around $65,000 levels, while ETH price encountered difficulties breaching the $2,600 resistance zone.

Top cryptocurrency remained largely stable ahead of Federal Reserve Chair Jerome Powell's speech on the direction of interest rate cuts in the coming months.

Bitcoin price witnessed a spike above $66,000 during the afternoon hours but started to descend as the evening progressed, falling as low as $65,121 overnight.

The world's largest cryptocurrency recovered quickly and was trading around $65,700 at press time. BTC price encountered difficulties in breaching the immediate resistance at $66,000 levels.

Bitcoin price dropped nearly 0.7% in the last 24 hours and was trading at a price that was largely unchanged in the past week.

However, the apex coin gained more than 10% in September, making it the best performance in a month with a historical average loss of 3.47%.

The rally came as investors remained optimistic about the Federal Reserve's aggressive 0.5% rate cut earlier this month.

Ethereum price also encountered choppy behavior in the $2,600 region and was trading around $2,580 at press time.

ETH price dropped nearly 0.5% in the last 24 hours and was trading at a price that was largely unchanged in the past week.

However, the second-largest cryptocurrency dropped nearly 5% in September, making it the worst performance in a month with a historical average gain of 3.18%.

Total cryptocurrency liquidations exceeded $108 million in the last 24 hours, with long liquidations accounting for 60%.

The number of bearish bets for the cryptocurrency spiked dramatically vis à vis bullish long bets, according to the Long/Short Ratio.

The market sentiment continued to be one of "Greed," according to the popular Cryptocurrency Fear & Greed Index.

Top Gainers (24-Hours)

The global cryptocurrency stood at $2.29 trillion in the last 24 hours, following a marginal decrease of 0.77% in the last 24 hours.

Stock futures were little changed Sunday overnight. The Dow Jones Industrial Average Futures was up 0.06% at 9:15 p.m. EDT.

Futures tied to the S&P 500 gained 0.12%, while Nasdaq 100 Futures rose 0.15%.

Blue-chip indices clocked fresh highs Friday, well-positioned to end September on a positive note.

The Dow Jones Industrial Average was up 1.8% month-to-date, while the broad-based index S&P 500 gained 1.25%.

Investors would closely watch the unemployment data for September, slated to be released on Friday.

Additionally, Fed Chair Jerome Powell's speech on Monday would provide clues on the monetary easing policy.

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