Bitcoin Price Hangs in Balance Ahead of Critical Fed Decision
Bitcoin's recent price action has been in a bearish swing structure on its 1-day timeframe since October. Despite some positive signs, such as declining miner selling pressure and whale accumulation from centralized exchanges, the overall direction remains bearish in the long-term.
The $67,292 swing high was not breached, and the price is still below the $57,800 swing low. The support level at $61k has been defended by buyers so far this year, according to a metric used by analyst Joao Wedson that measures the average cost basis of Binance's reserves.
The next directional move may depend on macro catalysts, such as the Federal Reserve's rate decision and Personal Consumption Expenditure data due on July 29-30. If Bitcoin breaches $67.2k, a rally toward $73k-$77k would become likely, while a breakdown below $63.7k could see the price slump to the $61k and $57.8k demand zones.
Traders are advised to stay cautious and manage their risk, as the next 48 hours will be critical in determining the market's direction.