Bitcoin Near $116K Ahead of Fed and Crypto Policy News.
Bitcoin Price Today: Slips Near $116K Ahead of Fed Meeting and Upcoming Crypto Policy Report
FUNDAMENTAL OVERVIEW:
Bitcoin fell near $116,000 on Friday, weighed down by significant whale activity and rising caution ahead of the U.S. Federal Reserve’s upcoming policy meeting, which aligns with the scheduled release of a key crypto policy report on July 30.
The decline followed a brief consolidation phase after Bitcoin reached an all-time high of over $123,000 last week.
Elsewhere, the broader crypto market remained muted. Altcoins saw a sharp drop on Thursday but later found stability. Gains across the market were limited by reports of large profit-taking and heightened whale transactions.
Investors are closely watching the Fed meeting, where interest rates are expected to remain unchanged, though attention will be on officials’ commentary for insight into future policy direction.
Meanwhile, White House crypto adviser Bo Hines confirmed that the President’s Digital Asset Working Group has finalized its long-awaited 180-day crypto policy report, which is set to be released on July 30.
Most altcoins traded within a narrow range on Friday, recovering from Thursday’s steep declines.
BTC/USD TECHNICAL ANALYSIS CHART:
Technical Overview:
BTC/USD is trading within a up channel.
BTC/USD is moving below all the Moving Averages (SMA).
The Relative Strength Index (RSI) is in the Neutral Zone, while the Stochastic oscillator suggests Negative trend.
Immediate Resistance level: 117318
Immediate support level: 115339
HOW TO TRADE XAG/USD
Following a strong and sustained rally, BTC/USD has entered a corrective phase, with the upward momentum stalling. The pair is now hovering near a support area, which it has breached and is showing signs of weakening. If Bitcoin fails to hold this immediate support zone, further downside toward a major support level could be expected.
