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Bitcoin (BTC) fell by 3.09% on Wednesday. BTC lost 0.06% on Tuesday and finished the day at $25,146. It's noteworthy that BTC crossed below $25,000 for the first time since March.

BTC increased to a late-afternoon high of $26,113 after a range-bound morning before going backward. BTC dropped to a low of $24,838 in the early evening after failing to surpass the First Major Resistance Level (R1) at $26,760. To conclude the day at $25,146, BTC breached both the First Major Support Level (S1) at $25,643 and the Second Major Support Level (S2) at $25,338.

BTC drops below $25,000 after a hawkish Fed pause

The Wednesday session was really active. Prior to the highly anticipated Fed interest rate decision and FOMC economic projections, US wholesale inflation data for May attracted attention.

Numbers of wholesale inflation were favorable to cryptocurrencies. In May, the US producer price index rose 1.1% as opposed to the expected 1.5% increase. The index increased by 2.3% in April. The producer price index numbers suggested a more dovish Fed following the US CPI report that was lower than anticipated.

The peak Fed Funds Rate was increased by the Fed from 5.1% to 5.6%, signaling a more aggressive rate pause. The economic estimates were positive even though they were more pessimistic.

The Fed revised its March prediction for unemployment to 4.5% to 4.1% by the end of 2023. However, the Fed forecasted that the Core PCE Price Index would be 3.9% by year's end as opposed to 3.6% in March, indicating that the Fed might raise interest rates above its 5.6% peak level.

The day finished with the NASDAQ Composite Index up 0.39 percent, while the hawkish halt caused BTC and the larger crypto market to fall. The NASDAQ mini was up 10 points this morning as investors anticipated another busy US economic calendar.

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