Here's the current market situation for Bitcoin (BTC) ¹:

- *Price*: Bitcoin (BTC) dipped as low as $59,500 on Binance ahead of the Federal Open Market Committee (FOMC) meeting.

- *Market Expectations*: Market participants are bracing for a hawkish stance from the Federal Reserve (Fed), with expectations set for unchanged interest rates.

- *Economic Conditions*: The US grapples with stagflation risks as inflation persists and economic growth slows. The first quarter of 2024 saw GDP growth decelerate to 1.6%, falling short of the 2.2% forecast and down from the previous quarter’s 3.4%.

- *Bitcoin’s Trajectory*: Bitcoin’s trajectory mirrored these economic uncertainties, dropping below $62,000 earlier in the week due to renewed stagflation worries. A brief rally above $64,000 occurred with the launch of spot Bitcoin and Ethereum ETFs in Hong Kong, but the momentum was short-lived as investor caution set in ahead of the Fed’s key decision.