Bitcoin Suffers Under Pressure as Fed Decision Looms
Bitcoin has been struggling under consistent selling pressure over the past few trading sessions. The cryptocurrency has lost more than 3.00% in the last three days, indicating a short-term bearish bias across the market.
This pressure is partly due to uncertainty surrounding the Federal Reserve's decision on interest rates. A potential environment of higher interest rates could reduce the appeal of risk-oriented investments, which is weighing on Bitcoin in the near term.
As expectations for higher rates remain intact, selling pressure around BTC could continue to gain traction in the sessions ahead. This is reflected in the performance of the U.S. dollar, which has been showing consistent strength and is currently approaching the 100-point level.