Crypto Market Awaits FOMC Decision as Bitcoin Breaks Down

The markets are awaiting the FOMC rate decision, and traders are hesitant to make any moves. The crypto market is still reeling from yesterday's news that the CLARTY Act failed to clear the threshold required for full Senate consideration.

Bitcoin's chart is not looking promising after a breakdown in recent days. A failed attempt to break higher in early September led to an eventual drop below support near $76.2K, and this level is being tested from underneath at the time of writing.

The recent price action has been bearish, and it wouldn't be surprising to see selling pressure resume later in the day. Key levels to watch include the $75K to 75.5K area, with the possibility of a sharp correction if Bitcoin drops below the $75,000 level.