Bitcoin Price Drops 4% in a Week, and the Chart Just Got Interesting

The information provided in this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry a high degree of risk. Always conduct your own research.Bitcoin price fell 4% this week and lost the $78,000 shelf. Here is what the chart says about the next support, resistance and price targets.$Bitcoin is trading at $77,289 on September 11, down 4.40% over the last seven days and 1.10% in the last 24 hours. Market cap sits at $1.55 trillion with $30.02 billion in 24 hour volume. Zoom out and the picture gets less comfortable: $BTC is down 11.66% year to date, which means everyone who bought on January 1 is still underwater.BTC Chart in USDBut the weekly candle is only half the story. The chart shows a market that has been grinding sideways for three weeks after a violent rally, not one that is falling apart. Here is the full technical breakdown.Why Did the Bitcoin Price Drop 4% This Week?The drop has almost nothing to do with crypto and almost everything to do with the Federal Reserve.Traders spent the week pricing in a rate hike. The CME FedWatch tool has been showing roughly a 60% probability that the Fed raises rates by 25 bas...