Bitcoin Plunges Below Two-Week Low as Fed Decisions Sway Markets

The past week was marked by significant economic activity, particularly with the second FOMC meeting under new Fed Chair Kevin Warsh. The US CPI numbers released earlier showed better-than-expected inflation data, which initially boosted Bitcoin to a peak of $67,000.

However, this rally was short-lived as the asset dumped below $63,000 after being rejected at the highs. Despite regaining some traction and touching $65,600 on Monday, the predominantly bearish sentiment took over again.

The bulls managed to intervene once more, but a familiar pattern repeated itself with BTC being rejected even after the Federal Reserve kept rates unchanged. The subsequent drop was painful, with Bitcoin sliding below $62,500 for the first time in over two weeks.