to leave a comment.
▲ Bitcoin (BTC), Dollar (USD)/AI generated image
Bitcoin (Bitcoin, BTC) rebounded to $64,100 ahead of the Fed's decision, but a warning of a major bottom in October simultaneously emerged.
According to crypto media outlet Benzinga on July 28 (local time), major cryptocurrencies rose in tandem, keeping an eye on Middle East tensions and the US Federal Reserve's (Fed) interest rate decision. As of 9:25 PM ET, Bitcoin recorded $63,842.1, up 1.01%. Ethereum (Ethereum, ETH) rose 2.16% to $1,913.42, XRP (XRP) increased 1.87% to $1.07, and Dogecoin (Dogecoin, DOGE) was up 1.72% to $0.07071.
According to Coinglass data, over $330 million worth of cryptocurrency positions were liquidated in 24 hours. Long positions betting on an increase accounted for $241 million of the liquidations. Bitcoin open interest increased by 0.02%, but individual investors and whale investors on Binance reduced their long exposure after the surge. Market sentiment remained in the 'fear' stage.
The total cryptocurrency market capitalization recorded $2.22 trillion, an increase of 1.04% from the previous day. The Dow Jones Industrial Average rose 1.03% and the S&P 500 rose 0.21%, but the Nasdaq Composite Index fell 0.22%. CME FedWatch reflected approximately a 70% probability that the Fed would freeze interest rates.
Cryptocurrency analyst Ali Martinez predicted that if the four-year cycle theory holds true, Bitcoin's next major market bottom could form in the first half of October. He analyzed that even if a short-term rebound continues, the possibility of further cyclical adjustments cannot be ruled out.
On-chain analytics firm CryptoQuant stated that Bitcoin spot trading volume on major exchanges has significantly decreased compared to the end of 2024. It analyzed that the war between the US and Iran and the stock market absorbed a significant portion of the available liquidity. CryptoQuant stated, "The return to a bullish trend depends on changes in the macro environment and a recovery in demand."
[Article Key Summary]
- Bitcoin rose to $64,100 ahead of the Fed's decision, and Ethereum, XRP, and Dogecoin also increased.
- Over $330 million worth of positions were liquidated in 24 hours, with long position liquidations amounting to $241 million.
- Ali Martinez predicted that based on the four-year cycle theory, the next major Bitcoin bottom could appear in the first half of October.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
Newsletter
Get key news delivered to your email every morning
to leave a comment.