Bitcoin News Today: Crypto Market Consolidates Amid Anticipation of Fed Policy Moves

Bitcoin and Ether remain in tight trading ranges as the market awaits key U.S. Federal Reserve policy signals that could influence crypto’s next direction. Bitcoin has been consolidating between $115,000 and $120,000, with its 20-day simple moving average at $118,313 and a positive RSI suggesting upward momentum. A break above $120,000 could propel BTC toward $123,218 and potentially $135,000, while a drop below $115,000 could open the door to $100,000 [1]. Meanwhile, Strategy continued to accumulate Bitcoin, buying 21,021 BTC at an average price of $117,256, bringing its total holdings to 628,791 BTC [1].

Ether and BNB have been outperforming Bitcoin in recent days, with Ether’s perpetual futures volume dominance surpassing Bitcoin for the first time in record levels, indicating a shift in speculative interest toward altcoins [1]. Ether is currently consolidating above the $3,745 breakout level. A rebound from this level could see it test $4,094, and a successful move beyond that could push it toward $4,868. However, a breakdown below $3,745 would likely lead to a test of the 20-day SMA at $3,516 [1].

BNB, currently near $794, faces a critical decision point. A strong rebound from this level could see the asset retest its all-time high of $861 and push further to $900. Conversely, a breakdown below $794 would likely lead to a pullback toward the 20-day SMA at $751 [1].

Smaller-cap cryptocurrencies are also showing mixed signals. XRP remains under pressure near the 20-day SMA at $3.16, with a break below $3.05 risking a deeper correction toward $2.65. Solana, on the other hand, is finding support at its 20-day SMA of $178, with a breakout above $209 potentially leading to a test of $240 [1]. Dogecoin slipped below its 20-day SMA at $0.22, suggesting bearish sentiment, while Cardano’s recent pullback to $0.79 raises concerns about further downward pressure.

Hyperliquid and Stellar are both caught in tight trading ranges, with HYPE facing a critical support level at $45.13 and XLM testing its 20-day SMA at $0.44. A breakdown in either case could lead to further declines in the short term [1]. Sui has seen a failed breakout above $4.30, with the price now consolidating below the 20-day SMA at $3.85. A sustained rebound from $3.51 could set the stage for a retest of the $4.30 level and potentially a new uptrend toward $5.

The crypto market remains highly dependent on macroeconomic factors, particularly the Federal Reserve’s upcoming rate decision and policy minutes. These events could either reinforce or reverse the current trend, depending on whether the Fed signals tightening or easing. Analysts caution that August has historically been a weak month for Bitcoin, with an average return of just 2.56% over the past 13 years according to Axel Adler Jr. [1].

Source: [1]Price predictions 7/30: BTC, ETH, XRP, BNB, SOL, DOGE, ADA, HYPE, XLM, SUI (https://cointelegraph.com/news/price-predictions-7-30-btc-eth-xrp-bnb-sol-doge-ada-hype-xlm-sui)