Will Bitcoin Keep Rising? Everything You Need to Know About $BTC This Week
- Falling foreign exchange reserves eases selling pressure on Bitcoin
- Liquidation zones indicate a possible breakout in Bitcoin price
- Optimistic Funding Rate Suggests Uptrend for Bitcoin
- Federal Reserve Meeting Could Lower Interest Rates and Boost Bitcoin Price to New ATH
Bitcoin's price has remained near $119.000, stuck in a tight range for the past few days. In fact, the currency hasn't moved even 1% in the last 24 hours.
But after all, will the price of Bitcoin continue to rise? While the lull may seem to indicate market calm, this is a common pattern before major market movements. Traders are on the lookout, waiting for a potential trigger to trigger Bitcoin's price to move again.
In this article, we will discuss:
- 1. Fall in Foreign Exchange Reserves Reduces Selling Pressure
- 2. Clearance Zones Indicate Possible Breakout
- 3. Financing Rate Suggests Upward Trend
- 4. Bitcoin Price Chart Shows Support and Resistance
- 5. Fed Meeting and Potential Impact on Bitcoin
1. Fall in Foreign Exchange Reserves Reduces Selling Pressure
Bitcoin reserves on exchanges fell to 2,384 million BTC, their lowest monthly level. This movement is generally a positive sign for the market, as it indicates a decrease in selling pressure. When reserves were above 2,5 million BTC, the price of Bitcoin fell more than 5% in a week. The decline in reserves suggests that traders are unwilling to sell their positions at this time.
2. Clearance Zones Indicate Possible Breakout
The liquidation map shows a strong concentration of long and short liquidations near the current price zone (between $118.000 and $121.000). This balance of liquidations suggests that the Bitcoin price hasn't yet found a clear path. However, if the price breaks above $120.500, a short squeeze could occur, which could push the price into a range between $124.000 and $127.000.
3. Financing Rate Suggests Upward Trend
Bitcoin's funding rate is currently at +0,0104%, indicating that more traders are paying to maintain their long positions. This is a sign of market optimism, and open interest is also holding steady, suggesting that traders remain vigilant but cautious. If this funding trend continues, the price could break above $120.700, potentially reaching new all-time highs.
4. Bitcoin Price Chart Shows Support and Resistance
On the daily chart, Bitcoin's price is stuck between support at $114.728 and resistance at $120.666. With each dip, selling pressure appears to be easing, suggesting buyers are stepping in early. If the price breaks above $120.700, a quick move to the $124.000–$127.000 range can be expected.
5. Fed Meeting and Potential Impact on Bitcoin
The Federal Reserve (FED) meets regularly to set monetary policy, with the next meeting scheduled for July 29-30, 2025. The Fed chairman, under pressure from Donald Trump, faces growing demand to lower interest rates. A rate cut could benefit highly volatile assets like Bitcoin, further boosting the cryptocurrency's price and potentially pushing it to a new all-time high (ATH). If the Fed decides to lower interest rates, an increased appetite for riskier assets like Bitcoin can be expected.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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