Bitcoin Price Drops to Level $64,000

Bittime - Bitcoin recently fell below $64,000, influenced by the US Federal Reserve's recent decision to maintain current interest rates and intensifying conflicts in the Middle East. According to CoinMarketCap, BTC fell below the $64,000 level. Although it briefly rose back to $65,075, it quickly dropped again and is currently trading at $63,985.

Federal Reserve Decision and Its Impact on Bitcoin

This price movement follows the Federal Open Market Committee (FOMC) decision to keep interest rates stable in the 5.25% to 5.5% range, a move that was widely anticipated by the market. Federal Reserve Chair Jerome Powell commented that the economy is growing at a "solid pace," with promising indicators for growth in GDP and Final Private Domestic Purchases (PDFP). However, he noted a slowdown in consumer spending, which is in line with the Fed's strategy to curb inflation.

"Inflation has fallen significantly from 7% to 2.5%. We are committed to bringing inflation back to our 2% target to support a strong economy that benefits everyone," Powell said in a speech on July 31 following the announcement.

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Market Expectations and Technical Analysis

Market expectations before the announcement suggested that the FOMC would refrain from adjusting interest rates until September. Pseudonymous crypto analyst Seth observed that Bitcoin's relative strength index (RSI), an indicator used to identify overbought or oversold conditions, is currently “oversold,” which could be a potential buy signal. "The FOMC was used to liquidate retail traders who used excessive leverage," Seth said in a July 31 post on X.

Geopolitical Tensions in the Middle East

Adding to the market turmoil are reports of escalating conflicts in the Middle East. According to a Reuters report from July 31, Hamas leader Ismail Haniyeh was killed in Tehran. Bitcoin has a history of reacting to geopolitical tensions in the region. For example, on April 19, after reports of an explosion at Isfahan airport in Iran, the price of Bitcoin fell 5.44% to $59,698 in two hours.

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Optimism amidst Uncertainty

Despite this latest decline, some market observers remain optimistic about the possibility of a rate cut in September. "While Fed Chair Powell has not confirmed a rate cut for September, his tone is more optimistic," noted trading source The Kobeissi Letter. "The Fed is waiting for the next two months of inflation data. A further decline in inflation could pave the way for a rate cut in September," the report added.

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Monitor graphic movement of Bitcoin (BTC) price, Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.