Bitcoin Slumps Below $64,000 Amid Fed Rate Decision Jitters

Bitcoin fell below $64,000 as traders reduced risk ahead of the Federal Reserve's interest rate decision. The price dropped about 2.5% to near $63,327. US spot Bitcoin ETFs saw net outflows of $11.64 million, adding selling pressure alongside leveraged liquidations.

Technical indicators show Bitcoin breaking below a rising trendline and facing resistance near $64,500, with key support around $62,500. The Fed's decision on rate hikes will likely influence Bitcoin's short-term direction, with a hold potentially easing pressure and a surprise hike possibly pushing prices lower.

Some analysts remain bullish, targeting a recovery to $68,000 in early August if resistance levels are reclaimed.