• Bitcoin (BTC) declined modestly on the first day of its new weekly session beginning on July 17.
• Last week, the BTC price wobbled between extreme gains and losses as traders assessed a weaker U.S. inflation print against Ripple’s partial win against the U.S. Securities and Exchange Commission (SEC).
• In the coming days, Bitcoin is likely to remain in its trading range of roughly $29,850-$31,500 as the U.S. dollar may consolidate sideways amid a Fed blackout period leading up to its rate decision.
Overview
Bitcoin (BTC) opened its new weekly session on July 17 in negative territory but a mix of fundamental and technical indicators raise upside prospects in the coming days. Last week’s market movements were influenced by a weaker US inflation print and Ripple’s partial win against the SEC while traders eye levels to watch out for during this week’s consolidation period ahead of the Federal Reserve’s rate decision meeting on July 25-26th.
Last Week’s Market Movements
Last week, Bitcoin saw extreme gains and losses as traders assessed a weaker U.S. inflation print against Ripple’s partial win against the U.S. Securities and Exchange Commission (SEC). On July 13, the BTC price broke toward $32,000 after a federal judge ruled that XRP sales on public crypto exchanges did not break securities laws however most altcoins corrected sharply in what appeared to be profit-taking scenario which pushed Bitcoin back down below $30k closing out at 0% profit for the week overall..
This Weeks Outlook
The weakening US Dollar index (DXY) last week has caused many market participants to believe that the Federal Reserve will reach peak interest rates in their upcoming meeting later this month which could cause Bitcoin prices to remain flat within it’s trading range of roughly $29,850-$31,500 This range can provide both support and resistance depending on if prices close above or below these levels with an extended decline being triggered if prices close decisively below $29850 while an extended rise could occur if prices close decisively above 31,500 pushing them towards 32,350 which is a May 2022 high for BTC/USD pairings .
Factors Affecting Price Movement
The direction of future price movements will be heavily influenced by current macroeconomic conditions including inflation prints from US data releases and further regulatory decisions from bodies such as The SEC which could affect both individual cryptocurrencies performance along with broader industry sentiment .
Conclusion
In conclusion , Bitcoin may remain relatively flat within it’s trading range over this weeks session ahead of The Federal Reserves rate decision meeting later this month where further developments could influence market direction but any decisive breakouts below or above key levels should be monitored closely .