Bitcoin News Today: Bitcoin Holds Near $118K as Market Awaits Fed Decision and Summer Seasonality Looms

Bitcoin and other top cryptocurrencies continue to navigate mixed short-term technical signals amid anticipation of the upcoming Federal Reserve's interest rate decision, which could heavily influence crypto market dynamics. Bitcoin remains in a tight consolidation phase between $115,000 and $120,000, with its 20-day SMA currently at $118,313 and RSI in positive territory. This suggests that the upward path is the path of least resistance, especially if the $120,000 level is breached, potentially propelling it toward a new all-time high above $123,218 and possibly as high as $135,000 [1]. However, historical data from the past 13 years indicate a weak August performance, with an average return of only 2.56% for BTC [1].

Despite the uncertainty, institutional buyers remain active. One strategy firm recently added 21,021 BTC to its holdings at an average price of $117,256, raising its total holdings to 628,791 BTC [1]. Meanwhile, Ether (ETH) and BNB (BNB) are showing relative strength, with ETH's perpetual futures volume surpassing BTC's, indicating a notable shift in speculative interest toward altcoins [1].

Ether is consolidating above the $3,745 level, with the bulls holding firm without aggressive profit-taking. If it rebounds from this level, ETH could test $4,094 and eventually target $4,868 if the bullish momentum continues. A breakdown below $3,745, however, could drag the price to the 20-day SMA at $3,516 [1]. BNB is also consolidating near $794, and a strong rebound could see it retest the all-time high of $861. A close above that could push it toward $900 [1].

XRP faces a crucial battle at the 20-day SMA of $3.16, with a breakdown below $3.05 potentially leading to a correction toward $2.65. A strong rebound from $2.95 could see the coin retest $3.33 and eventually $3.66 [1]. Solana (SOL) is holding steady near its 20-day SMA of $178, with a break above $209 potentially leading to $240. A breakdown could bring the 50-day SMA at $160 into play [1].

Dogecoin (DOGE) has fallen below its 20-day SMA at $0.22, signaling selling pressure. A rebound to $0.21 and a break above the 20-day SMA could push it toward $0.29 and eventually $0.35. A breakdown below $0.21 could bring it to the 50-day SMA at $0.19 [1]. Cardano (ADA) and Stellar (XLM) are both under pressure, with ADA breaking below its 20-day SMA at $0.79 and XLM falling below $0.44 [1]. Both could face further corrections to their respective 50-day SMAs at $0.67 and $0.34 [1].

Hyperliquid (HYPE) is trapped between its ascending channel and the 20-day SMA at $45.13. A breakdown below $45.13 could see it fall to $32, while a rebound above the SMA could test $49.87 [1]. Sui (SUI) failed to sustain its breakout above $4.30 and is now below its 20-day SMA at $3.85. A rebound from $3.51 could form a new range between $3.51 and $4.30 [1].

While the market remains in a state of anticipation for the FOMC meeting, the technical outlook for the major cryptocurrencies varies. Institutional buying and speculative interest in altcoins are key factors to watch, but seasonal headwinds and historical patterns suggest caution as the market enters the traditionally weaker summer months [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)