Bitcoin Price Plunges Ahead of Federal Reserve Decision

The Bitcoin price has been experiencing significant fluctuations in the lead-up to the Federal Reserve's decision on interest rates. On Tuesday, BTC opened at $63,706 but quickly fell to $63,327 as traders reduced their exposure ahead of the announcement.

Market analysts point to increased selling pressure from leveraged liquidations, spot ETF outflows, and uncertainties surrounding interest-rate expectations as contributing factors to the decline.

The Federal Reserve's decision is expected on Wednesday, with Chairman Kevin Warsh's comments potentially having a significant impact on market direction. Warsh has been characterized by apprehensive communication, leading traders to rely on economic records and futures values rather than his statements.