Fed Holds Rates Steady, Bitcoin Stalls at $62K Amidst Hawkish Sentiment

The Federal Reserve held interest rates steady at 3.50% to 3.75% on July 29, but three officials dissented from the decision, arguing for a hike instead.

Bitcoin price is currently holding at $62,781 after rebounding from a low of $62,225 on August 1, but still below its daily EMA support levels.

Ethereum and Solana are also under pressure, with Ethereum sitting between its 20-day and 50-day EMAs and Solana below every daily EMA, hinting at a bearish trend.

US spot Bitcoin ETFs recorded net weekly outflows of -$61.53 million for the week ending July 31, while spot Ethereum ETFs pulled in +$27.42 million, indicating institutional flows favoring Ethereum over Bitcoin.