**Crypto Market Update: Bitcoin Dips Below Key Support, Eyes on Fed Decision**

Bitcoin (BTC) has slipped below the critical $55,724 support level, hitting a low of $49,000 on Sept. 6. Bitget Wallet COO Alvin Kan suggests BTC might stay under pressure until the Federal Reserve's rate decision on Sept. 18. A rate cut could boost risk assets, including Bitcoin.

Former BitMEX CEO Arthur Hayes, who previously predicted BTC would drop below $50,000, now expects a rally due to increased USD liquidity from the Fed.

Several altcoins have also declined, but some are showing resilience, potentially outperforming if Bitcoin stages a recovery. Key levels to watch include $55,724 on the upside and $49,000 on the downside.