$BTC $
Bitcoin has continued to move within the range of $116,000 and $120,000 over the past 13 days, after reaching a historic peak of $123,218 on July 14. This consolidation may end as market participants await the Federal Reserve's (Fed) interest rate decision scheduled for this Wednesday, which could provide a directional bias in either direction, depending on the announcement. $BTC
So far, markets do not expect the U.S. Federal Reserve (Fed) to cut interest rates in July, despite ongoing pressure from U.S. President Donald Trump to lower borrowing costs. Trump has personally attacked Fed Chairman Jerome Powell for his stance on maintaining interest rates and has reiterated calls for the central bank chief to resign.
Moreover, last week's macroeconomic data indicated a still-strong U.S. labor market, reinforcing the view that the Federal Reserve will keep interest rates steady at this week's monetary policy meeting. However, any signs of a dovish stance from the Federal Reserve could stimulate a risk-on sentiment, supporting price increases in cryptocurrencies like Bitcoin.
