Bitcoin Price Hinges on Fed Decision, Hormuz Shipping Disruptions
Bitcoin reclaimed $65K on July 27, and market analysts are now focused on what could move its price this week.
The United States and Iran have refrained from striking each other for a second consecutive day, which has eased some of the inflation pressure created by the conflict. West Texas Intermediate crude fell about 5% to around $95 a barrel, but the shipping disruption behind the rally has not cleared yet.
Bitcoin still needs to clear the July 27 high near $65,680 and the more meaningful resistance sits at the 0.382 Fibonacci retracement around $67,370. A daily close above that level would open room towards the 100-day SMA near $69,500.
The Bank of Japan's (BOJ) policy adds yen carry-trade risk, as near-zero Japanese rates made the yen the cheapest major currency to borrow for two decades. The BOJ meets on July 30 and 31, and a hawkish message could strengthen the yen and make yen-funded investments less attractive.
Stablecoin inflows show available capital, with rising inflows expanding the pool of money positioned to buy without confirming that any buying has happened. Tech earnings will test broader risk appetite, as Bitcoin has traded as a higher-beta version of the Nasdaq through most of this cycle.