Bitcoin price is under pressure with news like next week’s Fed meeting and expiring options contracts. The price is spending time below critical supports as the momentum gained on July 13 is cooling off.
Bitcoin will price these developments next week
The crypto market is cooling off the momentum gained by the July 13 victory of Ripple. Bitcoin price briefly rallied on Friday before losing $30,000 again. It is currently moving sideways below this level.
Ethereum (ETH) has been largely stable throughout the day. It continues to spend time below the weekly low of $1,900. Major altcoins, including SOL and XRP, have recovered some of the losses they endured earlier in the day. Meanwhile, the market’s total value dropped to the region of 1.16 trillion.
With the US central bank Fed’s interest rate decision next week and the expiration of Bitcoin options, it doesn’t look like it will activate the markets that have been stuck for weeks.
The next Fed rate decision meeting will be held on July 25-26. The critical interest rate decision will be announced on July 26 at 21:00.
$31,500 is critical before options contracts
Rachel Lin, CEO and co-founder of SynFutures, stated that the week started enthusiastically with a positive decision in the Ripple-SEC case. However, BTC and ETH failed to break through the resistance and returned to their weekly lows, putting the market under pressure.
Lin, whose options contracts expire, said, “Bitcoin options data reveals high open interest on the $31,000 and $32,000 Call Options. It shows strong resistance at these levels. The other day was more positive, with call options trading at about 3x the volume of put options,” he says.
The expert later said, “Basically, the outlook remains bullish as money continues to flow into the crypto ecosystem. This could represent a short reversal that could potentially lead to a move up to $34,000 if BTC achieves a sustained break above $31,500.”
Corporate attention attracts whales
Whale transactions worth over $1 million have increased significantly since the announcement of BlackRock’s spot Bitcoin ETF application, according to data from Santiment. cryptocoin.com A recent Santiment report, which we cited as , showed that the June rally largely coincided with the ETF news.
Last month’s rally saw the number of transactions jump to 2983, a year high. As the price of BTC rises, the move is interpreted by whales as buying pressure. However, the sudden increase in the number of transactions in July caused a decrease in prices due to selling pressure.
As investors increased their holdings, the total number of whale addresses, i.e. wallets with more than 1,000 BTC coins, increased. The whale count reached 1,686 on July 7. This was the highest level since FTX’s explosion in November 2022. However, the number has dropped due to the recent wave of sales. According to Glassnode, there were about 1,678 whales on the market at the time of this writing. This represents an increase of more than 2% since last month.
10-year BTC wallets that have been active again recently also require close monitoring.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow on. Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your own research and due diligence before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. Therefore, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.