Bitcoin (BTC) on Thursday is trading around $63,916.87, down 0.23% over the last 24 hours and 2.66% across the past seven days, after the US Federal Reserve left interest rates unchanged. Investors will be closely watching the macroeconomic backdrop, institutional appetite and key technical levels that could determine Bitcoin’s next big directional push.
The US Federal Reserve kept its interest rate steady at 3.50%-3.75%, matching market expectations.
Minutes from the meeting showed that economic activity has been expanding at a strong pace despite elevated uncertainty. The central bank also noted that job gains have "kept pace with the workforce."
The policy vote was 9-3, with Cleveland, Minneapolis, and Dallas Fed Presidents dissenting in favor of a 25-basis-point rate increase.
BTC price trades close to $64,000, maintaining a bearish near-term bias as it holds below the 50-day, 100-day and 200-day Exponential Moving Averages (EMAs), with the nearest EMA resistance at $64,967.
The Relative Strength Index (RSI) hovers just below 50 on the daily chart, hinting at neutral-to-slightly constructive momentum, but the Moving Average Convergence Divergence (MACD) has slipped into negative territory, suggesting that upside attempts remain vulnerable.
On the upside, immediate resistance is seen at the 50-day EMA around $64,967, followed by the 100-day EMA near $67,621 and the 200-day EMA close to $73,665. A more distant resistance stands at $84,410.
On the downside, immediate support stands at $64,000, and a clear break below this floor would push BTC toward the yearly low of $57,800, set on July 1.
Also Read: Bitcoin's Next Big Move Depends on This Long-Term Trend
According to Glassnode, Bitcoin has underperformed the US dollar during the latest dollar rally, making this one of its weakest relative performances compared with previous market cycles.
However, BTC's current performance ranks among the weakest, with only three of the 20 previous dollar rallies producing a worse performance at a comparable point.
The underperformance could continue as the 30-year Treasury Yield rose above 5.20% on Wednesday. Glassnode also highlighted pressure from the three-month Bitcoin futures basis. The metric has remained below the two-year US Treasury yield since February.
According to SoSoValue, Bitcoin spot ETFs recorded a net inflow of $32.10 million on July 29, breaking four days of outflow streak. BlackRock’s IBIT led with $89.8281 million, bringing its total to $60.421 billion.
Fidelity’s FBTC experienced a $43.0832 million outflow, with a total of $9.959 billion. Bitcoin news highlights the ETFs’ net asset value at $77.455 billion.
Bitcoin remained range-bound after the US Federal Reserve kept interest rates unchanged. Investors are weighing macroeconomic uncertainty, Treasury yields, and institutional demand before making larger directional bets.
The first resistance lies near the 50-day EMA around $64,967, followed by the 100-day EMA near $67,621 and the 200-day EMA around $73,665. A sustained move above these levels could strengthen bullish momentum.
Immediate support is located around $64,000. If this level fails, Bitcoin could revisit the yearly low near $57,800, making it a crucial area for buyers to defend.
Spot Bitcoin ETFs recorded net inflows of $32.10 million, ending a four-day outflow streak. Continued institutional inflows through ETFs are viewed as a positive indicator for long-term market confidence.
According to Glassnode, Bitcoin has underperformed during the latest US dollar rally, while higher Treasury yields and weaker futures basis may reduce institutional participation, potentially limiting near-term upside momentum.
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