Bitcoin Dips Below $88,000, Crypto Market Loses $2.9 Trillion After Fed Holds Rates

• Bitcoin fell below $88,000 to a low of $87,677 on January 29, down 1.09% in 24 hours.
• The broader crypto market saw $2.9 trillion wiped out after the US Federal Reserve maintained interest rates at 3.5%-3.75%.
• Analysts note Bitcoin is rangebound between $86,000-$91,000, with $90,000 as key resistance and $89,000 as strong support.
• Major altcoins like Ethereum, XRP, Solana, Dogecoin, and Cardano also experienced declines.
• Market sentiment is cautious, with liquidity potentially shifting to traditional assets like gold, though Bitcoin's inability to sustain above $90,000 is seen as short-term hesitation.

Why It Matters: Bitcoin and the crypto market faced significant losses after the Fed held interest rates steady.