The market showed a sentiment of "extreme fear," according to the Cryptocurrency Fear and Greed Index.

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Bitcoin ($BTC) pulls back as the market awaits the Fed's interest rate decision

Bitcoin failed to extend its recent gains this Monday, as investors await the Federal Reserve's decision on interest rates. The cryptocurrency rally is losing momentum.

The largest cryptocurrency in the world sharply retreated after Sunday night’s gains, marking an intraday low of $89,644. Trading activity remained high, with a 15% increase in volume over the last 24 hours.

Stocks linked to the crypto sector, such as Strategy Inc. (NASDAQ:MSTR) and Coinbase Global Inc. (NASDAQ:COIN), closed up 2.63% and 1.66% in regular trading hours.

Liquidations in the crypto market reached $200 million in the last 24 hours, according to Coinglass, with over $100 million corresponding to liquidated short positions.

Bitcoin's open interest fell by 0.29% in the same period. Meanwhile, over 70% of the top Binance traders (the top 20% by margin balances) held long positions in BTC, according to the long/short ratio.
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