Bitcoin’s price fell to around $70,000 on Saturday, March 21, 2026, as the Federal Reserve signaled a continued cautious approach to monetary policy, dampening investor enthusiasm for risk assets. The cryptocurrency had briefly approached $76,000 earlier in the week, buoyed by sustained inflows into spot Bitcoin exchange-traded funds (ETFs), totaling $1.16 billion over seven consecutive trading sessions, with a recent single-day influx of $199.37 million.
The decline followed the Federal Open Market Committee (FOMC) meeting, where policymakers opted to maintain interest rates in the 3.50% to 3.75% range. The accompanying Summary of Economic Projections (SEP) indicated a revised upward assessment of inflation, reinforcing a hawkish stance. According to INDODAX Vice President Antony Kusuma, the market interpreted the FOMC’s decision as a signal that inflation is not receding as quickly as anticipated, limiting liquidity available for riskier investments like cryptocurrencies.
“This indicates a sustained interest from large investors despite market volatility. However, following the FOMC meeting, investors made adjustments that affected price movements, reflected in a correction of around 7-8%,” Kusuma stated.
The FOMC’s decision to hold rates steady, coupled with the increased inflation projections, suggests the Federal Reserve remains hesitant to initiate rate cuts. Federal Reserve Chair Jerome Powell indicated that any potential rate reductions would be contingent on further developments in inflation, complicated by ongoing geopolitical tensions in the Middle East and rising energy prices. This uncertainty has constrained investment appetite for digital assets.
According to data compiled by Two Prime, Bitcoin has historically experienced negative returns in the 48 hours following seven of eight FOMC meetings, even when the Fed held rates steady or adjusted policy. This pattern suggests the event itself, rather than the outcome, often triggers volatility.
Markets are currently pricing in a very high probability – around 99% – that the Federal Reserve will hold rates steady, with futures markets anticipating only one 25 basis point rate cut by the end of the year. The incoming chair of the Federal Reserve, Kevin Warsh, is expected to take office in June.
Kusuma noted that the current price of Bitcoin is fluctuating around $70,000, with a support level between $70,000 and $72,000. “As long as this level holds, the price movement has the potential to remain stable in the short term, supported by institutional fund inflows that help absorb selling pressure. However, if the price falls below this support level, price adjustments could continue to lower levels,” he explained.
INDODAX emphasized its commitment to providing a secure and transparent cryptocurrency trading ecosystem and continues to promote financial literacy through its INDODAX Academy, encouraging users to conduct thorough research before investing. The firm also advocates for strategies like Dollar Cost Averaging (DCA) to manage market volatility.
