In the ever-evolving world of cryptocurrencies, Bitcoin revival bull run continues to hold steady at around $29,300, showing little change over the past 24 hours. The European Central Bank (ECB) made an expected benchmark interest rate hike of 25 basis points to 4.25%, following the U.S. Federal Reserve’s (Fed) 25 basis point rate boost the previous day.
Market sentiment received a boost from fresh U.S. economic data, with Q2 GDP growth exceeding economist forecasts at 2.4% on an annualized basis. The GDP price index also confirmed a slowdown in inflation, as seen in previous monthly CPI data.
Altcoin Surge: Stellar’s XLM Token Leads Gainers With Almost 12% Rise; SAND and AXS Face Losses
In the altcoin world, some significant participants have also made noteworthy moves. For example, Stellar Lumens’ XLM token led the gainers with an almost 12% rise in the past 24 hours. However, top metaverse and gaming tokens like SAND and AXS saw losses, even after Meta’s CEO reaffirmed their commitment to the Metaverse vision.
Bitcoin‘s path remains uncertain as investors await potential catalysts. Some expect a bullish trend with the SEC decision on the Bitcoin ETF in August and positioning for the 2024 halving event. On the other hand, profit-taking and bearish positioning are anticipated if the spot price surpasses $30,000, similar to a previous market scenario.
Federal Reserve’s Commitment: The Central Bank Remains Determined to Reduce Inflation, Aiming for 2% Target
Despite the recent 0.25% interest rate increase by the Federal Reserve, Bitcoin has maintained its position slightly below $30,000. This stability is positive as the Fed considers further raises to tackle inflation. Bitcoin’s consistent trading between $29,000 and $31,500 for over a month reassures investors about the resilience of the largest cryptocurrency.
The Fed’s commitment to reducing inflation is backed by its decision to skip an interest rate hike last month, marking the first time in 18 months. The central bank remains “strongly committed” to achieving a 2% inflation rate.
Cryptocurrency Stability: Is It a Good Time To Buy Bitcoin? Coin’s Stable Position in The Market
While Bitcoin’s bull run faces resistance levels, it attempts to recover above $29,000. The price must settle above $29,000 and $29,600 to establish a positive zone. There is a key bullish trend line forming on the hourly chart, providing support near $29,250. Immediate resistance lies near $29,450, with major resistance at $29,600 and $29,800.
Amidst interest rate adjustments and market fluctuations, Bitcoin continues to navigate its path; traders who would like to know if it is a good time to buy Bitcoin should closely watch the price in the upcoming days.
