Overall market trend for Bitcoin and altcoins remains bullish ahead of the monthly close.
As July comes to a close, the cryptocurrency market has slowed down, particularly towards the FOMC (Federal Open Market Committee) scheduled for 29-30 July, leading to low volatility in the market as the price of Bitcoin and Ethereum have shown a strong rally towards $123,000 and $3,900, respectively.
Ahead of the FOMC result, Polymarket users have speculated that the Fed rate will remain unchanged, gaining over 95% support. Top crypto personalities expressed a similar sentiment that the Fed rate would remain unchanged.
Following news of the FOMC voting for an unchanged rate, the market crashed across the financial market, contrary to the market sentiment of a potential rate cut.
Despite an unchanged rate, the cryptocurrency market remains bullish as the price of Bitcoin and Ethereum trades above $117,000 and $3,700, respectively, ahead of a potential monthly close.
Crypto Market Heatmap- Source Quantifycrypto
The crypto market heatmap flips red according to Quantifycrypto for the first time in weeks following macroeconomic events affecting the market as the price of crypto assets suffered a price decline ahead of news of a possible U.S. policy to pass for a U.S. strategic Bitcoin reserve and other crypto assets such as XRP, ETH, and SOL included. Still, this bill wasn’t passed, countering market expectations.
Also, the news of an unchanged rate cut by the Fed led to a sharp market decline, indicating fear and reduced trading activity among traders and investors, as these participants would be paying close attention to the market closure ahead of the monthly close.
Despite the price of Bitcoin and other altcoins suffering a minor decline following price consolidation over the past few days, there is strong potential for the price of Bitcoin to close above $115,000 ahead of its monthly close, which could set the tone for a further price rally to the upside.
Bitcoin Bullish Chart – Source TradingView
Despite the market suffering a minor price decline, the overall market price action and trend for Bitcoin remains bullish following a strong price breakout above $110,000, breaking out of its weekly downtrend resistance as the price aims for a continued rally to the upside.
Crypto traders and investors would watch the monthly close of Bitcoin and other crypto assets before deciding their next investment move following recent market consolidation.
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