Bitcoin Price Tumbles Ahead of Fed Decision Amid Market Uncertainty
Bitcoin's price declined to $63,327 as investors awaited the Federal Reserve's interest rate decision, but stabilized at $63,800. Analysts suggest that a failure to break the $65,198 resistance level could lead to further declines.
The cryptocurrency fell below its rising trend line since June, with technical indicators pointing to a cautious market stance towards risk assets.
U.S. spot Bitcoin ETFs recorded net outflows for the third consecutive trading day, particularly from BlackRock and Fidelity funds, indicating large investors' caution ahead of the Fed's decision.