The cryptocurrency market has experienced a significant decline, with Bitcoin (BTC) falling to a 24-hour low of $66,250. This drop is attributed to the Federal Reserve's recent announcements regarding interest rates and inflation forecasts. The market had anticipated a more significant rate cut, but the Fed's dot plot revealed a median view of only a 25bp cut for 2024, down from the initial forecast of 75bp.

The Fed's decision has led to a shift in investor sentiment, with many selling off their assets, resulting in a 5% drop in Bitcoin's value. The cryptocurrency market is now digesting the possibility of only one rate cut this year, which has sparked concerns about the potential impact on the economy.

Bitcoin's current price of $66,270 is a significant support area that has been tested multiple times. If it closes below this level, sales could deepen, potentially leading to further declines to $64,700 and $60,200 supports. This could have a ripple effect on the altcoin market, which has already experienced minor sales since Friday.

The Federal Reserve's announcements have created uncertainty in the market, leading to increased volatility in cryptocurrency prices. Investors are advised to exercise caution and conduct thorough research before making any investment decisions.

In conclusion, the Federal Reserve's monetary policy announcements have had a significant impact on the cryptocurrency market, leading to a decline in Bitcoin's value. The market is now awaiting further developments and guidance from the Fed to determine its next move.