Bitcoin Price Volatility: Fed Meeting and CLARITY Act in Focus

The cryptocurrency market is holding steady as traders wait for major events this week. The Federal Reserve's meeting on July 28-29 may be a key driver of Bitcoin price direction, with markets seeing a 69.5% chance that rates will remain unchanged at 3.50%-3.75%. A rate hike would likely hurt Bitcoin in the short term, as higher rates pull money away from riskier assets.

The CLARITY Act, a bill aiming to split crypto oversight between the SEC and CFTC, is gaining momentum with institutional support. However, its passage remains uncertain. Some chart watchers are flagging caution, warning of a possible 'fakeout' above $67,000 resistance before a pullback.

Despite these factors, Bitcoin price remains volatile, influenced by various macroeconomic indicators and global events. Traders are also watching new Section 301 tariffs on 60 trading partners and tensions between the US and Iran, which have added pressure on oil prices.