key points:
-
Bitcoin price compression and Bollinger band suggests that a limit will soon expand.
-
The initial price of this week is likely to have a result of the traders cut the risk and their crypto policy and a white house update on their crypto policy and bitcoin strategic reserve.
Bitcoin (BTC) continued to trade within the range of $ 117,000 to $ 120,000 on Tuesday, and it looks ready for daily closure below $ 118,000. Some analysts have called BTC to resume the underlying support from $ 114,000 to $ 110,000, and while technology supports such steps, Wednesday’s FOMC Minutes and US Crypto policy can reverse a long -awaited White House report and a strategic bitcoin reservoir downtrene.
The report should currently reveal the exact number of bitcoins organized by the US government, and traders hope that President Trump will take further steps towards implementing an official strategic bitcoin reserve.
In addition to Fed’s comments, quarterly income for meta platforms, Ford, Robinhood and Microsoft is posted on Wednesday, as well as ISM reports on US Economic Data, Purchasing Manager Index (PMI), GDP, Consumer Affairs and Services on Nonform Parawl.
Federal Reserve Chairman Jerome Powell is also going to speak after the Fed’s decision at interest rates. Currently, the fedwatch metric of the CME group has shown the Fed Fed Fund Futures pricing Fed Fund Futures pricing at 98% likely that the central bank will release unchanged rates within 4.25% to 4.5% range. Despite accelerating the pressure from President Trump to cut the rates immediately, the Powell is committed to stay in the course and leaves the fed with a hiking or rate cut option based on economic data.
As before the FOMC occurred in the previous trading days, crypto traders appear to cut the risk, and most large-cap tokens are sold today. The total open interest of bitcoin in TRDR data shows falling from $ 49.58 billion, which is $ 50.58 billion on the Wall Street Open Bell. Long liquidation in the futures market has accelerated sales, and the data of Coinglass has shown $ 173.8 million in Longs magin over the last 12 hours.
Connected: Bitcoin bulls aim to chase liquidity at $ 122K, but Q3 can stall seasonal breakouts
Will the good news trigger a breakout?
In the last three weeks, the price of bitcoin price has seen a decrease of about 45% intraday instability as its daily high -to -low range has been compressed from $ 4,200 to $ 2,300 on 14 July. This price compression, although specific to the period of consolidation, ends with a strong directional move, and in this case to reverse.
Bollinger bands are also closely with a close to the price compression and brooing range expansion of bitcoin.
There are no investment advice or recommendations in this article. Each investment and business move include risk, and readers should conduct their own research while taking decisions.
