According to Golden Finance, Bitcoin fell below the $60,000 mark ahead of widespread expectations that the Federal Reserve will cut interest rates later this week. The upcoming policy adjustments by the Fed are making global markets nervous.

A rate cut, the first in over four years, signals a looser monetary environment, which is typically a positive backdrop for riskier assets like cryptocurrencies. However, investors are uncertain about the magnitude of Wednesday's rate cut and how the market will react to the latest projections from Fed officials (known as the dot plot) and Fed Chair Powell's briefing.

"The rate cut itself will be less important than the signals coming out of the press conference and the latest dot plot," said Sean McNulty, head of trading at liquidity provider Arbelos Markets. "If the guidance and press conference are significantly dovish, we expect Bitcoin to rise."