* Bitcoin remained near the $119,000 level on Monday after a modest rebound from two-week lows during weekend trading, as the trade agreement between the U.S. and the EU boosted investor appetite for risk.
* However, the cryptocurrency continues to trade within a limited range amid caution ahead of the Federal Reserve's decision this week and a major U.S. cryptocurrency policy report scheduled for 30/07.
* The last price of Bitcoin was $118,850, up about 0.5% as of 4:17 PM Saudi time.
* Meanwhile, other cryptocurrencies have seen sharper gains, with Ether trading at a seven-week high.
* The U.S. Federal Reserve meeting and the cryptocurrency policy report scheduled for 30/07
* Markets drew comfort from the framework agreement between the U.S. and the European Union announced on Sunday. The agreement imposes a 15% tariff on European imports, down from the 30% that was threatened, and includes commitments from the EU to purchase $750 billion worth of U.S. energy and invest hundreds of billions in weapons and infrastructure.
* The agreement has reduced political risks and trade uncertainty. This improvement in sentiment has led investors to shift away from safe assets toward riskier assets, including stocks and Bitcoin.
* Attention now turns to the two-day Federal Reserve meeting that ends on Wednesday. The central bank is widely expected to keep the benchmark interest rate at 4.25%-4.50%. Traders will focus on comments regarding the likelihood of interest rate cuts later this year.
* The dovish tone could further support Bitcoin by reducing yields on low-yield safe assets.
* The U.S. cryptocurrency policy report, scheduled for release on 30/07, is another key event. It is expected to outline plans for a strategic reserve of Bitcoin and provide greater regulatory clarity for sectors including stablecoins.
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