Bitcoin Holds July Gains Amid Weekly Pullback Ahead of FOMC Meeting
Bitcoin has maintained its July gains despite a weekly pullback, with an impressive 8.57% increase to $63,644.82 as of the latest numbers.
The recent retreat is attributed to several factors, including the delay of the CLARITY Act and the upcoming FOMC meeting, which is set to have a significant impact on market sentiment.
Looking at technical indicators, Bitcoin's price currently sits below both its EMA50 ($64,537.33) and EMA200 ($63,895.71), indicating a confirmed bearish structure.
The MACD death cross at -316.69 is also exerting downward pressure on the market, while the RSI (40.25) remains neutral and within the Bollinger Bands.
As a result, analysts expect Bitcoin's price to test the lower band support near $63,090.44 before any sustained recovery can occur.