Bitcoin Shakes on Fed Rate Hike Fears…BitTensor and Cardano Maintain Rebound

▲ Bitcoin (BTC), US Dollar (USD) ©

Bitcoin (BTC) showed an unstable trend around the $63,000 mark due to concerns about the US Federal Reserve's interest rate hike, while BitTensor (TAO) and Cardano (ADA) barely managed to maintain the previous day's rebound.

According to investment media FXStreet on July 29 (local time), the cryptocurrency market maintained risk-off sentiment ahead of the Fed's interest rate decision. The CoinMarketCap Fear & Greed Index recorded 35, remaining in the fear zone after falling from the neutral boundary of 40 on the 26th. Santiment data also showed that social mentions related to interest rate hikes were 171, significantly exceeding interest rate cuts (53) and freezes (65). This indicates that the market is wary of the possibility of an interest rate hike, which could lead to liquidity tightening.

Bitcoin remained above $63,000 but stayed below both the 50-day exponential moving average (EMA) of $64,950 and the 200-day EMA of $74,211, continuing its short-term bearish trend. The Relative Strength Index (RSI) recorded 48, near the neutral line, and the Moving Average Convergence Divergence (MACD) fell below the signal line, indicating the possibility of further correction. If it rebounds, $64,950 will act as the first resistance, and given the lack of immediate structural support, a stronger downturn could test $60,000.

Cardano traded above $0.1600 after rebounding by approximately 4% the previous day but remained below the 50-day and 200-day EMAs of $0.1738 and $0.2665, respectively. The RSI was 46, and the MACD slightly dipped below the signal line, suggesting weakening rebound momentum. To alleviate bearish pressure, it needs to break above the resistance zone of $0.1738-$0.1754 on a daily closing basis. Conversely, if selling pressure intensifies again, the June 25 low of $0.1382 is mentioned as the next support level.

BitTensor rose by about 4% from the previous day but remained below $200 and below the short-term downtrend line. The 50-day EMA is also at $211, indicating a continued mid-term bearish structure. However, the MACD slightly exceeded the signal line, maintaining an upward trend, and the RSI recorded 46, showing weakening downward momentum. If the daily closing price surpasses $200, immediate selling pressure could ease, and $211 would then be a key gateway for an upward reversal. In case of a decline, the June 6 low of $183 is considered a major defense line.

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