Bitcoin News Today: Bitcoin Surges Past $115,000 Amid DXY Drop and Fed Rate-Cut Hopes

Bitcoin surged past $115,000 as the U.S. Dollar Index (DXY) fell to 98.50 amid weak economic data and political instability, fueling expectations of Federal Reserve rate cuts [1]. The July nonfarm payrolls report showed a disappointing 73,000 jobs added, far below forecasts, while previous months’ figures were downgraded by over 250,000. The situation worsened after President Trump dismissed the Bureau of Labor Statistics Commissioner and Fed Governor Adriana Kugler resigned unexpectedly, deepening market uncertainty [1].

The weakening dollar environment has historically supported alternative assets, and Bitcoin is no exception. Its price has rebounded sharply, with the 4-hour chart showing a recovery from a low near $112,000 to a current level near the 50-period exponential moving average (EMA) at $115,672 [1]. The RSI, a key momentum indicator, has moved from the oversold zone to a neutral level of 50.84, signaling reduced selling pressure and potential for further gains [1]. If Bitcoin breaks above the EMA, it could target the $118,000 resistance level seen during late July highs.

The inverse relationship between Bitcoin and the DXY is evident as capital flows into the crypto market amid expectations of Fed-driven monetary easing. The broader crypto market also responded positively, with Ethereum and XRP posting gains. This trend aligns with historical patterns where a weaker dollar has typically coincided with stronger crypto performance [1].

Beyond Bitcoin, SUI is showing signs of accumulation, consolidating within a key support range of $2.79–$2.63 following a record $14 billion in decentralized exchange (DEX) volume [2]. Analysts view this as a potential accumulation zone, and a successful defense of the trendline could lead to a continuation of the upward move [2]. SUI has also broken out of a long-term symmetrical triangle and completed a retest of the breakout level, signaling strong bullish momentum [2].

Institutional interest in SUI is on the rise, with Mill City Ventures launching a $450 million private placement to invest in a SUI treasury strategy, reflecting growing confidence among larger market participants [2]. However, caution remains necessary as SUI has experienced a 7-day price decline of 16.16%, and its 24-hour gain of only 2.73% suggests volatility persists [2].

The broader market remains highly sensitive to macroeconomic developments. With the DXY continuing to trend lower, the outlook for Bitcoin and other cryptocurrencies remains constructive if the Fed follows through on rate-cut expectations. However, the sustainability of the current rally will depend on both monetary policy direction and on-chain activity in the coming weeks [1].

Source:

[1] title1.............................(https://coinedition.com/us-dollar-index-dxy-plunge-pushes-bitcoin-to-115000-as-fed-rate-cut-speculation-heats-up/)

[2] title2.............................(https://coinedition.com/sui-enters-strategic-accumulation-zone-dex-volume-hits-14-billion/)