Data from tracked another night of BTC price losses, these so far bottoming at $60,760 on Bitstamp.

Now down 17.5% versus its all-time highs, BTC/USD continued to field selling pressure thanks to several key headwinds.

As reported, these include outflows from the United States’ spot Bitcoin exchange-traded funds (ETFs) and the March 20 decision on interest rates by the Federal Reserve.

While the outcome of the Federal Open Market Committee (FOMC) meeting is all but guaranteed, Fed Chair Jerome Powell’s subsequent commentary is under the microscope for risk assets.

“With the Fed meeting less than 24 hours away, it’s unlikely the Fed changes rates tomorrow,” trading resource The Kobeissi Letter wrote in part of its recent analysis on X (formerly Twitter).

“However, all eyes will be on guidance after the recent events. We maintain the view that it is far too soon to pivot.” The latest estimates from CME Group’s FedWatch Tool put the chances of a “pivot” — or return to rate cuts — at just 1% for March 20 and 9.1% for the next FOMC gathering in May.