Let’s start with the elephants in the room. Galaxy Digital, one of the largest crypto investment companies, reportedly moved $2 billion worth of Bitcoin to a centralized exchange. These were not idle whales’ movements. This is an active move in batches ranging from 100-50 million dollars, and is likely intended for a liquidation position.
Some analysts suspect this is due to client redemption or strategic portfolio rotation for Ethereum. Regardless of why, this act of throwing lots of Bitcoin into the market is enough to rattle sentiment and trigger vending orders across the trading desk.
Bitcoin price and the shadow of the Fed
The risk of that macro? The Federal Reserve Council will be held on July 30th. The market is not expected to have an immediate rate hike, but all eyes are in Jerome Powell’s tone. Does the Fed stick to its cautious attitude or suggest a tightening of policy? Traders are enduring volatility as inflation is not entirely under control and the economy is still hot.
The Federal Reserve Conference, which will be held on July 30th, is that crypto traders have the advantage. The market expects interest rates to remain the same, but the actual risk lies in Jerome Powell’s tone.
If the Fed still offers hints on delays in rate reductions, risky assets such as Bitcoin prices could be hit. If monetary policy feels uncertain or restrictive, investors tend to pull back from unstable assets. Meanwhile, neutral or intermediate statements can ease market tensions and cause rebounds. Until the Fed speaks, uncertainty could thwart Bitcoin’s powerful upward movement.
Technical Photo: Support is slipping
From a technical standpoint, Bitcoin’s price could not exceed the nearly 120,000 resistance. On the daily chart, prices are receding towards a simple 20-day moving average, which is now around 116,200 people. That level is important. Nearby, it increases the chances of travelling to 114,000, perhaps even 112,000, and even coincides with the maximum pain zone.
The Bollinger band is beginning to shrink slightly. This is a signal that volatility can increase when a clear direction appears. Now, the market is stuck indecisively and stuck between institutional attention and the weight of recent profits.
Bitcoin Price Prediction: Where does Bitcoin price go from here?
In the short term, everything depends on the range 114,000-116,000. If the Bulls can defend this area, they still have shots to recover in the new week. However, if sellers push prices up below 114,000 and the Fed clashes with a cautious or takistic tone, Bitcoin can see a deeper pullback towards the 108,000 zone.
Conversely, if Jerome Powell’s comments suggest neutral or midway perspectives, Bitcoin can rebound sharply and retest 120,000. It will be a make-up or break moment for both the bull and the bear next week.
Bitcoin is not crashing at the moment. It has been reset. And how it responds to this pressure will shape trends for the rest of the quarter.
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