Crypto Market Tumbles Ahead of US Fed Rate Decision

The cryptocurrency market is maintaining a risk-off sentiment ahead of the US Federal Reserve's interest rate decision on Wednesday. Bitcoin (BTC) has held above $63,000, while Bittensor (TAO) and Cardano (ADA) have sustained gains from the previous day.

Top cryptocurrencies such as Bitcoin, Ethereum (ETH), and Ripple (XRP) are under pressure after a mild correction earlier this week. BTC has slipped below a key support zone, and ETH is testing a key resistance zone. XRP is drifting toward the psychologically important $1.00 support level.

The technical indicators of these top three cryptocurrencies suggest that sellers are gaining control, raising the risk of further downside. Ethereum (ETH) is hovering near $1,900 on Tuesday as on-chain data suggests recent recovery sentiment has calmed ahead of the Federal Open Market Committee (FOMC) decision on interest rates.