Bitcoin is testing a critical support level as markets brace for the Federal Open Market Committee meeting, the first presided over by new Fed Chair Kevin Warsh. Traders are warning that a hawkish outcome or policy disappointment could trigger a bearish reaction, with $64,000 now seen as an essential level to hold. Failure to maintain that support opens the door to a deeper correction, with some analysts keeping a $55,000 price target in play. The confluence of macroeconomic uncertainty and technical fragility has put Bitcoin in a vulnerable position, as investors weigh the Fed's stance on interest rates against broader risk appetite across crypto and traditional markets.
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