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The crypto market has been sluggish since the beginning of the week, with Bitcoin slipping below $19,000 ahead of another FOMC meeting.
The cryptocurrency market underperformed last week as it lost its $1 trillion market capitalization peg. increase.
As a result of the poor performance, the cryptocurrency market cap may fall below $900 billion for the first time this month.
Bitcoin, the world’s leading cryptocurrency, has underperformed in recent weeks. Bitcoin is trading at $18,954 at the time of writing, down more than 4% in the last 24 hours.
Major cryptocurrencies are underperforming ahead of another important FOMC meeting on September 20th and 21st.
The market expects interest rates to rise by another 75 basis points, which could undermine the performance of Bitcoin, crypto markets and broader financial markets.
So far this year, the FOMC has raised the federal funds rate by 25 bps in March, followed by 50 bps in May, and 75 bps each at its June and July meetings. So the current policy rate is 2.25-2.5%.
BTC/USD’s 4-hour chart is negative as Bitcoin has underperformed over the past few hours. The MACD line has stayed inside the negative zone over the past week and remains there. Therefore, it shows that the bear is in control.
A 14-day Relative Strength Index of 39 indicates that Bitcoin could enter oversold territory if the bearish momentum continues.
If the negative sentiment does not improve, BTC could break below the $18,713 support level by the end of the day.
Bitcoin could suffer further losses ahead of the FOMC meeting, falling below $18,000 for the first time in two months.
The bulls may regain control of the market and push BTC above the $19,500 resistance level in the next few hours.
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