⏳ BTC Stalls in Tight Range — Will the Fed’s Rate Call Break the Deadlock? ⚖️💣
Bitcoin price has been stabilizing at $116,000 and $120,000 for two weeks.
Strategy added 21,000 BTC, while spot Bitcoin ETFs gained roughly $80 million.
The Fed interest rate decision might cause crypto asset volatility, so traders should be careful.
BTC has traded between $116,000 and $120,000 for almost two weeks. Despite the price uncertainty, corporate and institutional demand remained robust, with Strategy (MSTR) adding approximately 21,000 BTC and new spot Bitcoin ETF inflows.
As market players anticipate the US Federal Reserve's (Fed) interest rate announcement on Wednesday, the biggest cryptocurrency by market capitalization may gain directional bias.
Markets anticipate the Fed to maintain interest rates, but Chair Jerome Powell's statements regarding post-summer policy might affect markets.
Strategy adds 21,021 BTC, spot ETFs inflow four days strong
Bitcoin has held up despite Galaxy's Friday sell-off. Strategy added 21,021 BTC on Tuesday, boosting its total to 628,791.
Looking down, institutional demand is strong. SoSoValue data shows that US spot Bitcoin ETFs had a $79.98 million net inflow on Tuesday, the fourth consecutive day of positive net flows.
US SEC approves Bitcoin and Ethereum ETP in-kind creations and redemptions.
This order changes spot BTC and ETH ETPs' cash-only creation and redemption method.
Additionally, the White House will issue its first virtual asset policy report on Wednesday, which is anticipated to guide the digital asset field and the biggest cryptocurrency by market capitalization.
After hitting an all-time high of $123,218 on July 14, bitcoin price has been stabilizing between $116,000 and $120,000 for two weeks. BTC now trades about $118,000.
BTC may retest the 50-day Exponential Moving Average (EMA) around $112,736 if it goes below $116,000 daily.
BTC may return to $123,218, its all-time high, if it closes over $120,000 daily.
