Bank

FOMC

Boost

Jerome Powell

Bitcoin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-shows-resilience-in-july" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Shows Resilience in July</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/economist-predicts-bitcoin-price-drop" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> demonstrated notable resilience in July after experiencing a rocky June. The cryptocurrency closed June with a 7% decline but managed a modest 3% increase last week. The first half of the year was marked by significant volatility for BTC, with the BTC/USD pair falling below the $60,000 mark twice.</p>
<h2 id="why-did-bitcoin-fluctuate">Why Did Bitcoin Fluctuate?</h2>
<p style="text-align: justify">The market remains on edge despite signs of recovery in the second half of the year. Historical <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">data shows</a> that July is typically a recuperative month for Bitcoin, boasting an average return of 7.3% and a median return of 8.9%. However, uncertainty persists in the macroeconomic environment.</p>
<p style="text-align: justify">This week, crucial US macroeconomic data releases and notable speeches, including one by Fed Chairman Jerome Powell at the European Central Bank conference, could impact Bitcoin’s price. The release of the Fed’s prior meeting minutes and the June US employment report will also provide further insights into the economic backdrop.</p>
<h2 id="will-interest-rate-cuts-boost-bitcoin">Will Interest Rate Cuts Boost Bitcoin?</h2>
<p style="text-align: justify">There is ongoing speculation about potential <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">interest rate</a> cuts by the US Federal Reserve, which could influence Bitcoin’s price. The CME’s FedWatch tool indicates market anticipation of two 25 basis point rate cuts by the year’s end. Such cuts could foster investment in alternative assets like cryptocurrencies. However, the Bank of International Settlements (BIS) has cautioned against premature monetary easing, warning it could reignite inflation and necessitate costly policy reversals.</p>
<p style="text-align: justify">The upcoming Federal Open Market Committee (FOMC) meeting, set for July 30-31, will be pivotal for gaining clarity on the Fed’s policy direction. Investors and market participants will closely monitor signals that could steer Bitcoin’s trajectory in the months ahead.</p>
<h2 id="critical-indicators-for-investors">Critical Indicators for Investors</h2>
<p style="text-align: justify"><strong>Important Factors to Watch</strong></p>
<p style="text-align: justify">– Monitor US macroeconomic data releases for potential impacts.<br> – Pay attention to speeches and announcements from key economic figures.<br> – Keep an eye on Fed’s previous meeting minutes for policy direction.<br> – Watch the June US employment report for economic insights.<br> – Observe potential interest rate cuts by the Federal Reserve.</p>
<h2 id="what-are-the-support-levels-for-btc">What Are the Support Levels for BTC?</h2>
<p style="text-align: justify">Bitcoin’s recent rebound to the $63,000 level signals a positive trend, yet concerns remain. BTC reached an intraday high of $63,700 on July 1 but continues to exhibit weakness within the $58,500 to $72,000 range. Investors should focus on macroeconomic indicators and technical signals that could influence Bitcoin’s price in the near term. Upcoming economic data reports and the FOMC meeting will be crucial events to track as they will likely further guide Bitcoin’s performance in the second half of the year.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-shows-resilience-in-july" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Shows Resilience in July</a></h5>

Bitcoin Shows Resilience in July

Table of Contents

BH NEWS

Other articles published on Jul 2, 2024

Investors Look Towards 88% APY on Staking With MoonBag, Making it the Best Meme Coin Presale – Se...

Hawaii Eliminates Cryptocurrency License Requirement: What It Means for Crypto Companies

El Salvador’s Economic Boom: The Role of Bitcoin in a 4% Growth Forecast

MoonBag Presale Rockets Towards Astronomical Gains! While Sealana Sputters

Cryptocurrency Pepe Decreases More Than 3% Within 24 hours

TikTok prepares to launch “Genie” AI chatbot to Western users

Join our free newsletter for daily crypto updates!