Bitcoin (BTC) remained range-bound near $119,00 as of 7:00AM UTC, with traders cautious ahead of a key U.S. Federal Reserve meeting and looming tariff deadline on August 1.
Key Takeaways:
- BTC trading in tight $117,500–$119,400 intraday range as of 7:00 AM UTC, largely unchanged from previous sessions.
- Traders and investors adopting a wait‑and‑see posture ahead of Fed’s rate decision and U.S. trade deadline with EU/China.
- Technical indicators show RSI around 59, moving averages align bullishly, but momentum remains subdued.
- Bitcoin still poised for a fourth consecutive monthly gain, with tight macro cues dominating near‑term direction.
Bitcoin continues to exhibit sideways trading in a narrow channel around $119,000, after breaking it all-time record and reaching above $123,000 earier in July. As of this writing (7:00AM UTC), live data provided by CoinGecko shows Bitcoin at appoximately $118,830, with a drop of 0.1% in the past 24 hours, ranging between $117,498 to $119,011 intraday, underscoring the lack of breakout momentum.
Tariff deadline looms, Fed decision awaits
Meanwhile, a recent report from Investing.com highlights market awaiting clarity on Washington will impose additional tariffs if no trade agreements with the EU or China materialize, deadline on August 1, 2025. However, the U.S. Federal Reserve is set to announce its decision on interest rates. While no change is expected, traders are watching for any signals on future policy, especially given inflation still remains above the Fed’s 2 % target.
On the other hand, caution spread among traders with the approaching Federal Reserve's policy decision on Wednesday. While the investors are expecting Fed to maintain current interest rates, they wil be eager for any "signals" about the future monetary policy, particularly as inflation continues to remain above the Fed's goal which is 2%.
Technical picture
As of 7:00AM UTC, technical indicators from TradingView data reveals an RSI(14) around 59.4, suggesting positive but not overstretched momentum, while stochastic oscillators are in overbought territory near 99–100. Moving averages (MAs) from the same time stamp signals bullish alignment across short-, mid-, and long-term horizons (MA5, MA10, MA20, up through MA200). However, despite the overbought readings (stochastic), most metrics still exhibit a "buy" or "strong buy" bias, suggesting underlying bullish support even though without big directional conviction.
Impact on crypto markets
Other assets have reflected similar uncertainty: Ethereum has hovered below $3,900, and major altcoins like Solana, BNB, and XRP have shown muted movement or slight declines, mirroring the broader risk‑off tone in speculative crypto sectors.
The current consolidation comes after a strong rally that lifted Bitcoin into monthly gains, and the unenthusiastic price action signals a pause as bullish momentum is digested.
Meanwhile, Bitcoin is parked in a tight trading band near $119 K as of 7:00 AM UTC, with key triggers like the Fed's interest rate decision and the U.S. trade deadline on the horizon. Momentum indicators remain cautiously bullish, but a breakout will likely hinge on the tone from Fed officials and developments in trade negotiations.
Summary
Bitcoin (BTC) hovered in a tight $117,500–$119,400 range as of July 24, 2025, with traders awaiting key macro triggers: the U.S. Federal Reserve’s upcoming interest rate decision and a looming trade deadline with the EU and China. Despite the lack of breakout momentum, BTC is poised for a fourth consecutive monthly gain, supported by bullish technical alignment in moving averages and an RSI near 59. Market caution persists as inflation remains above target and stochastic indicators signal overbought conditions. ETH, SOL, and BNB mirrored the muted action, suggesting a broader wait-and-see attitude across crypto markets.
