In a dramatic twist, Bitcoin's stability is under threat, with its price potentially breaking down below the $61,000 mark. This comes amidst growing concerns that the cryptocurrency's support levels might give way under pressure.

Recent data reveals Bitcoin's value has dipped to $60,760, marking a significant 17.5% fall from its peak. This decline is attributed to a combination of factors, including notable outflows from U.S. Bitcoin ETFs and anxiously awaited interest rate decisions from the Federal Reserve.

The spotlight is on Fed Chair Jerome Powell, especially his insights following the Federal Open Market Committee (FOMC) meeting. Market analysts are skeptical about any immediate change in rates but are keenly waiting for guidance on future monetary policies.

Speculation about the Fed's next moves is rife, with a minimal chance of a policy pivot expected in the immediate future. However, odds improve for more favorable conditions by mid-year, as per CME Group's FedWatch Tool.

The cryptocurrency market has also felt the impact of two consecutive days of net outflows from Bitcoin ETFs, raising alarms about the underlying strength of Bitcoin's price. Investment flows out of the Grayscale Bitcoin Trust and other ETFs have totaled nearly $500 million in recent days, suggesting a cautious or withdrawing stance among traders ahead of the FOMC meeting and due to tax season pressures in the U.S.

Analysts are observing these developments closely, warning that another day of net outflows could critically weaken Bitcoin's price support. The crypto community remains on edge, waiting to see if this marks a temporary setback or the start of a more significant downturn.