Bitcoin Price Eyes Breakout as Fed Decision Looms

The Bitcoin price has stabilized around $65,000 levels following a pullback from the mid-$80,000 range. Analyst Michaël van de Poppe notes that BTC continued to hold above the 21-day and 50-day moving averages, which he describes as a strong signal for long positions.

However, he cautions that this setup is still fragile and would prefer to see Bitcoin break past $66,000-$67,000 in one or three days to indicate sustained buying pressure.

Breaking through $67,000 can clear the way for Bitcoin to rise towards $73,000-$75,000. The Federal Reserve will hold a two-day meeting on July 29, and van de Poppe anticipates a cautious period ahead of the announcement with increased risk appetite after it.