Bitcoin Slips Below $64K Before Recovering Near $63,500 Ahead of Fed Decision

Bitcoin's price took a sharp drop from nearly $64,900 to around $63,200 before recovering some losses and stabilizing near $63,500. The largest cryptocurrency's downward move was triggered by strong selling pressure, while high trading volume confirmed active market participation.

The Relative Strength Index (RSI) and Bollinger Bands indicated improving momentum with cautious optimism after the recovery. The RSI stood near 56, suggesting that market momentum improved after the morning sell-off, but remained below stronger bullish territory.

The Federal Reserve's upcoming policy meeting is a major event that could impact risk assets worldwide. Traders are anticipating new information regarding interest rates and future monetary policy, which may induce significant price fluctuations in Bitcoin and other digital currencies.