Bitcoin drops in Asia before Fed decision

Bitcoin's price declined today by 2.9%, reaching $63,018, following expectations that the U.S. Federal Reserve Board will raise interest rates by a quarter of a percentage point at Wednesday's meeting. This has increased selling pressure on the cryptocurrency. Investors are awaiting the decision's outcome and its impact on the market, amid concerns that volatility may persist due to higher borrowing costs and investors liquidating their Bitcoin funds, especially with large expiry options contracts. In the medium term, a recovery of momentum requires stability above the 200-day moving average at $72,001, amid ongoing fears of further declines.

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