(Kitco News) – Bitcoin’s (BTC) price held steady in early trading on Wednesday as market watchers were focused on the conclusion of the July Federal Open Market Committee meeting, where members of the Fed board will announce their plans for interest rates.
The central bank is widely expected to hold rates steady for now while also laying the groundwork for a rate cut in September. But crypto traders are taking nothing for granted these days and opted to limit their trading activity ahead of the statements from Fed Chair Powell, just in case a surprise announcement leads to a spike in volatility across markets.
Data provided by TradingView shows that Bitcoin briefly spiked to $66,840 at the market open in the U.S. but has since pulled back to support near $66,100, where it has been trending for the past 24 hours.
BTC/USD Chart by TradingView
MN Trading founder Michaël van de Poppe noted the stagnant price action ahead of the FOMC decision, calling it “pretty standard” and saying that Bitcoin should climb to a new all-time high next month as long as it can maintain support between $60,000 and $62,000.
#Bitcoin stagnating as FOMC is happening, pretty standard price action.
As long as Bitcoin stays above $60-62K, it seems good to continue toward a new all-time high next months. pic.twitter.com/KQSWu0QHF3— Michaël van de Poppe (@CryptoMichNL) July 31, 2024
Market analyst Pentoshi corroborated Poppe’s outlook, saying he “believe[s] it to only be a matter of time before $BTC hits a new [all-time high].”
“Look at the last 6 months alone, an ETF approval which has been the most successful ETF in history, and now capturing a large portion of the political environment with multiple nation states discussing it on top,” he said. “The idea of BTC having a fixed supply, programmatic money, while central banks will continue to print infinite fiat will take the limelight.”
“I won't pretend to know when it will break out, but the future is brighter than ever at this point,” Pentoshi said. “It's crazy how many people begin to doubt their long-term thesis based on a few hourly or daily candles. In the end, where we're going, you won't need charts.”
Chartist Moustache said his indicators tell him “that we’re in for a Monster move for $BTC” due to the appearance of a “textbook descending broadening wedge on Bitcoin.”
And position trader Bob Luckas noted that the current cycle is playing out similarly to past cycles, and urged crypto traders to relax and enjoy the show as the outlook will start to improve in Autumn.
#bitcoin monthly candle about to close.
Seriously, don't stress yourself, it just doesn't get prettier. Month 20 of a Cycle that looks like all prior Cycles to date. Big base built.
Handle is being completed, grab a nice cup and enjoy Autumn. Fewer changes will be better. pic.twitter.com/Wl61jIoThw— Bob Loukas ? (@BobLoukas) July 31, 2024
At the time of writing, Bitcoin trades at $66,460, an increase of 0.82% on the 24-hour chart.
