The price of Bitcoin (BTC) sharply dropped to around 84,000 USD, leading to the liquidation of 650 million dollars’ worth of contracts across the cryptocurrency market. This decline was triggered by the strengthening of bearish sentiment due to macroeconomic concerns and the upcoming Fed decision.

The drop also affected other cryptocurrencies, and traders expect the market to remain under pressure in the short term. Weak demand for risk assets and growing caution among investors are contributing to the price pressure.

Data from derivative markets shows increasing caution among market participants, and Bitcoin’s price has broken key support levels, reinforcing bearish sentiment. The market is now waiting for new signals that could influence its next direction.