FUNDAMENTAL OVERVIEW Bitcoin has come under pressure yesterday as the odds for the Clarity Act cloture vote to pass dwindled into the Senate event. Unfortunately, the vote did not pass and with a more divided Congress expected after the midterms, comprehensive crypto market structure legislation is unlikely to advance again this year. This setback weighed on Bitcoin, with the cryptocurrency briefly falling below the key $75,500 support. The focus will now shift back to the macro story, with the FOMC decision today being a key catalyst. The decision could trigger big moves, especially if we get deviations from the expectations. The consensus is for the Fed to hike by 25 bps, with potentially one or two dissenters voting for a hold. At this meeting, we get the Summary of Economic Projections (SEP) and the Dot Plot. Traders will be focused on the latter where the Fed is expected to project two more rate hikes, one in 2026 and one in 2027. This would still be below the current market pricing of three more rate hikes by the end of 2027. Fed Chair Warsh is not expected to offer much in terms of forward guidance but just repeat his Jackson Hole message. If the Fed signals three or more further hikes, that would likely be taken as a hawkish surprise and weigh on Bitcoin. Conversely, a forecast suggesting just one or two more rate hikes could be taken as dovish and could give Bitcoin a boost. The other major focus will be developments in the Middle East, as oil prices continue to trade above $100 level and fuel inflation concerns amid worsening disruptions. Oil prices have been the key driver of markets recently, so any de-escalation in the Middle East could push oil prices lower and lead to a dovish repricing, which could ultimately support Bitcoin.For now, I think the negative macro backdrop should continue to limit the upside and keep weighing on Bitcoin. We would likely need a de-escalation in the Middle East or a dovish Fed to change the picture and open the door for new highs. BITCOIN TECHNICAL ANALYSIS – DAILY TIMEFRAMEOn the daily chart, we can see that Bitcoin probed below the key 76,000 support and started to consolidate around it ahead of the FOMC decision. We can expect the buyers to step in around these levels with a defined risk below the support to position for a rally back into the 82,500 resistance. The sellers, on the other hand, will likely pile in here with a defined risk above the support to target a drop into the 67,000 support next. BITCOIN TECHNICAL ANALYSIS – 4 HOUR TIMEFRAMEOn the 4 hour chart, we have a downward trendline defining the bearish structure. If we get a pullback into the trendline, we can expect the sellers to lean on it with a defined risk above it to position for a break below the support and new lows. The buyers, on the other hand, will want to see the price breaking above the trendline to increase the bullish bets into the resistance targeting a breakout.BITCOIN TECHNICAL ANALYSIS – 1 HOUR TIMEFRAMEOn the 1 hour chart, there’s not much we can add here as the price is consolidating around the support zone as traders await the FOMC decision later today. From a risk management perspective, it would be better to wait for the decision before committing to new positions as the moves might be aggressive, especially in case of surprises. UPCOMING CATALYSTSToday, we have the FOMC rate decision. Tomorrow, we get the US Jobless Claims figures. Traders will also keep a close eye on developments in the Middle East. This article was written by Giuseppe Dellamotta at investinglive.com.