The Federal Open Market Committee’s meeting on Wednesday could result in an interest rate hike by 50 basis points.
Bitcoin’s relatively high correlation with tech stocks means BTC too could face selling pressure as investors pull out of the asset.
Crypto analysts at Rekt Capital believe the 200-day exponential moving average is a reliable indicator to assess the weakness in Bitcoin’s price trend.
The indicator works counter-intuitively according to analysts, with a retouch of the sell point actually heralding a recovery in BTC price.
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Shiba Inu price slipped below necessary support after experiencing bearish pressure from a downward trend line.
Investors can expect BTC to slide lower and collect liquidity below a significant level before triggering a full-blown impulse move.
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