Bitcoin and other cryptocurrencies fell on Wednesday amid declining risk sentiment in markets ahead of the U.S. Federal Reserve’s latest monetary policy decision.

Over the past 24 hours, the price of bitcoin has fallen 3 percent to $18,850. The largest cryptocurrency remains outside the $20,000 to $25,000 range in which it has largely traded since mid-June, falling below $18,500 earlier in the week and hitting a one-year low.

$17,500 remains a very important support area. Below that level, bitcoin has support at $15,500 and strong support at $12,000. A push to $12,00 would be similar to previous bitcoin bear market cycles, representing an 80% drawdown as we saw during the bear markets of 2014 and 2018.