Bitcoin price nears 117K ahead of key US economic updates
Bitcoin (CRYPTO:BTC) has traded within a range of US$117,000 to US$120,000, experiences pointing to a possible price expansion according to technical analysis indicators such as the Bollinger Bands.
There has been a significant reduction in intraday volatility over recent weeks, with the price range narrowing by approximately 45%, from US$4,200 on July 14 to around US$2,300 currently.
Market participants appear to be reducing risk in anticipation of upcoming events including Wednesday's Federal Open Market Committee (FOMC) meeting and a White House report on cryptocurrency policy and a potential strategic Bitcoin reserve.
The forthcoming government report is expected to specify the amount of Bitcoin held by the US government.
Speculation surrounds possible actions from President Trump regarding the establishment of an official strategic Bitcoin reserve.
Economic data releases set for the same period include Nonfarm Payroll figures, the Purchasing Managers’ Index (PMI), GDP statistics, consumer sentiment indices, and reports from the Institute for Supply Management on manufacturing and services.
Federal Reserve Chair Jerome Powell is slated to address the markets following the FOMC decision, with futures markets pricing in a 98% chance that the central bank will maintain interest rates in the 4.25% to 4.5% band.
Despite political pressure to adjust rates sooner, Powell has indicated a preference to keep monetary policy flexible, responding to incoming economic data.
Recent trading saw Bitcoin’s aggregate open interest fall from US$50.58 billion to US$49.58 billion at the Wall Street open.
Approximately US$173.8 million in long futures positions were liquidated over the previous 12 hours.
Price compression is typical in the consolidation phase before a directional move.
"FOMC minutes that align with market expectations and positive news from the White House could serve as a catalyst for an upside breakout," an analyst noted, signalling market attention towards these developments.
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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