Federal Reserve Decision Sparks Bitcoin Rally Above $64,000
Bitcoin regained its footing above $64,000 on July 29 as investors eagerly awaited the Federal Reserve's interest rate decision. The world's largest cryptocurrency rose around 1% in the last 24 hours despite ongoing uncertainty across global financial markets.
The recovery comes after Bitcoin briefly slipped below key support levels earlier this week, but buyers returned ahead of one of the most important macroeconomic events of the month. Market participants now believe the digital asset could witness higher volatility once the Federal Reserve announces its monetary policy decision.
Long-term investors continue accumulating on-chain indicators show, reducing the amount of Bitcoin available for trading on exchanges and creating tighter supply conditions that often support prices over time. Technical analysts also believe Bitcoin remains in a consolidation phase following its recent correction, with the next important resistance level standing near $66,820.
The Federal Reserve's policy announcement remains the biggest event for cryptocurrency markets this week. If policymakers signal a more accommodative stance later this year, Bitcoin could receive additional buying support. However, a more hawkish tone could increase short-term volatility as traders reassess expectations.