Bitcoin ($BTC ) has been consolidating between $116,000 and $120,000 for two weeks, leaving many wondering: what's next? 🤔
Despite the tight range, institutional demand remains strong! 💪 Strategy (MSTR) just added another 21,000 BTC, bringing their total to an impressive 628,791 BTC. Plus, US spot Bitcoin ETFs saw their fourth consecutive day of inflows, with nearly $80 million added yesterday!
Key Catalysts Today (July 30th):
* Fed Interest Rate Decision: All eyes are on the Federal Reserve's announcement today. While a rate hold is expected, Chair Powell's post-summer policy comments could cause significant crypto volatility. Trade with caution! ⚠️
* White House Virtual Asset Policy Report: The White House is set to release its first-ever virtual asset policy report today. This highly anticipated report is expected to provide crucial guidance for the digital asset space and potentially impact BTC.
* SEC Approves In-Kind ETPs: Big news for the market! The US SEC has approved in-kind creations and redemptions for Bitcoin and Ethereum ETPs, a move that could enhance market efficiency and flexibility for issuers and investors.
BTC Price Levels to Watch:
* Support: If BTC breaks below $116,000, we could see a retest of the 50-day EMA around $112,736.
* Resistance: A daily close above $120,000 could propel BTC back towards its all-time high of $123,218, set on July 14th.
Current Price: BTC is currently trading around $118,000.
Stay sharp, traders! The market is poised for potential volatility.
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