Bitcoin broke below the key support zone around the 80,000 level recently as fears of potential US strikes on Iran over the weekend weighed on the crypto market. The lack of US attacks eased the bearish momentum but didn’t change the bigger picture as the persistent risk of another escalation continues to limit the upside.The focus is now on the FOMC decision due tomorrow where the Fed is expected to keep interest rates unchanged and maintain the current stance. We won’t get the dot plot at this meeting, so the attention will be mostly on Fed Chair Warsh. A surprise rate hike will likely trigger a strong selloff in Bitcoin on a hawkish repricing and increased concerns about growth. A mostly neutral event, on the other hand, could lead to a relief rally in the short-term, but wouldn’t change fundamental outlook. BITCOIN TECHNICAL ANALYSIS – DAILY TIMEFRAMEOn the daily chart, we can see that Bitcoinbroke below the key 80,000 support. The sellers will likely continue to pile in around these levels, with a defined risk above the broken support, to keep targeting the 75,000 level next. The buyers, on the other hand, will want to see the price rising back above the support to position for a rally into the 84,000 resistance next. BITCOIN TECHNICAL ANALYSIS – 4 HOUR TIMEFRAMEOn the 4 hour chart, we can see the consolidation just below the broken support. There’s not much we can add here as the sellers will continue to pile in with a defined risk above the broken support, while the buyers will need to wait for the price to rise back above the support to start positioning for new highs.BITCOIN TECHNICAL ANALYSIS – 1 HOUR TIMEFRAMEOn the 1 hour chart, we can see more clearly the consolidation, with the price action forming a symmetrical triangle. Again, the sellers will likely continue to pile in around these levels, with a defined risk above the broken support, to keep pushing into new lows. The buyers, on the other hand, will look for a break above the top trendline to pile in for a rally into the 84,000 resistance next. The red lines define the average daily range for today.UPCOMING CATALYSTSTodaywe get the US Consumer Confidence report. Tomorrow, we have the FOMC rate decision. On Thursday, we get the US GDP report, the US PCE and the latest US Jobless Claims figures. On Friday, we conclude the week with the US Employment Cost Index. This article was written by Giuseppe Dellamotta at investinglive.com.