Crypto
Bitcoin Tumbles Below $77K Amid Fed Rate Hike Expectations
Bitcoin has taken a sharp hit to around $76,500, testing the lower boundary of its consolidation range since late August.
The price drop comes as Wall Street experiences a pullback and the US dollar strengthens ahead of the Federal Reserve's interest rate decision tomorrow.
The market is almost certain that the Fed will raise interest rates by 25 basis points, which could weigh on inflows into Bitcoin spot ETFs.
These flows have been an important source of support for the new bull market in Bitcoin.
The hourly chart shows BTC failing to break above $80,000 and moving lower towards $76,700, below two key moving averages: the 200-period and 50-period EMAs.