Fed Decision Looms as Bitcoin Price Sits Above Key Support

Bitcoin's price has fallen to around $75,600 over the past 24 hours as a result of several market factors. The failed US Senate vote on the CLARITY Act and rising Treasury yields have contributed to this decline. According to CoinGecko data, BTC is trading at $75,601, down 1.3% over 24 hours and 4.3% over the past seven days.

The market's expectation of a Federal Reserve interest rate hike, with some anticipating a quarter-point increase, has also added pressure on Bitcoin's price. The Fed's decision is expected to be announced at 2 p.m. ET today, followed by Chair Kevin Warsh's press conference at 2:30 p.m. ET.

Bitcoin had traded above $79,000 on September 15 before falling below $76,000, with the latest selling bringing the $75,000 level back into focus. The cluster between $71,300 and $73,500 gives the chart several support levels if $75,000 fails, according to a daily chart analysis.

A break below $75,000 would first expose the $74,500-$74,700 liquidation cluster, followed by the 50-day and 200-day EMAs sitting close together at $73,537 and $73,082. The Aroon indicator has moved sharply in favour of the downside, with a reading of 92.86% for Aroon Down.