BTC Volatility ContinuesVolatility around the prior all-time highs continues in Bitcoin this week. The market pulled back from new record highs around the mid $74k mark, with price now holding back below $69355 for now.  We’re hearing plenty of chatter about current price action with some calling the current pull-back sign of a top in the market, suggesting the risk for a deep reversal lower, while others see the move as simply corrective, keeping the focus on further bullish action to come. Macro BackdropIn terms of what’s driving the current move lower, some profit taking around fresh highs is certainly a factor, as is systems selling looking to capitalise on a reaction lower.  In terms of the macro-backdrop we’re also seeing some hesitancy ahead of the Fed this week.  Expectations that the Fed will cut rates this year have been a big boost for crypto and other risk assets. Risks into FOMCHowever, with inflation remaining elevated and the jobs market still strong, near-term rate-cut chances are fading which could cause some problems for BTC near-term. If the Fed is seeing remaining hawkish in its outlook this week, particularly if there is any reduction in the amount of easing forecast this year via the dot lots, this could fuel a deeper move lower in BTC. Technical Views BTCFollowing the failure ahead of the 75k mark, BTC has turned lower, breaking down through the bull channel lows and below the 69355 mark. While below here, risks are skewed towards a further move lower and a test of the 64540 level next. With 60275 sitting below as deeper support.   More By This Author:US Dollar Yen Commentary – Monday, March 18GBP/USD Commentary – Friday, March 15Bitcoin Commentary – Friday, March 15