Bitcoin is under immense selling pressure at press time. The coin is down 5% in the past 24 hours and 15% in the previous week. At this pace, its market cap is also shrinking. On the last day, it fell to $1.2 trillion, down approximately 5%, mirroring the contraction in the past 24 hours. 

The drop has seen the coin heap even more pressure on other altcoins. Their respective magnification of losses can be a concern. Presently, Bitcoin is dropping at the back of expanding trading volume. Currently, it is up 26% to $72 billion, signaling possible profit-taking or sellers doubling down.

As price action evolves, traders are watching the following fundamental events:

• On March 19, the Ban k of Japan (BoJ) increased interest rates. The unexpected turn of events signals that the central bank is keen on taming inflation in a country that has been tackling deflationary pressures for decades. Their decision had a ripple effect across the board, causing cracks to emerge in risky store of value assets as cash flew to Bitcoin.
• Later today, the United States FOMC will announce its interest rate decision and possibly announce measures to strengthen the country’s banking system. This event is expected to shape the short-to-medium-term trajectory for Bitcoin and the entire financial markets.

Bitcoin Price Analysis

At spot rates, BTC/USD is under pressure, looking at the formation in the daily chart.

The drop below the 20-day moving average was decisive.

From the candlestick arrangement, traders might look for entries on every attempt higher.

The immediate resistance lies at around $64,500.

If sellers press on, aligning with the formation of March 19, BTC will likely dip to $59,000 and even $53,000 in a bear trend continuation.

Conversely, any sharp break above $68,000, rewinding losses of March 19, invalidates this bearish outlook.