Bitcoin has been consolidating over the past few days, putting all its efforts into breaking the $70K resistance. The chance of improvement in the BTC price increases as $52.6 million in Bitcoin is on the move.
On July 31, a movement of 599 BTC was witnessed from the world’s leading exchange, Binance, to an unknown wallet. The BTC whale transaction activity made traders curious about this transaction as the BTC struggles to break the bearish momentum.
The whale acquired Bitcoin in multiple transactions, transferred it into 17 different wallets, and sent the asset through the BTC blockchain.
Holding Bitcoin in this volatile market can be a good decision by the Whale, as the upcoming FED meeting, which is going to be held on July 31, will decide market policy in the United States. It is predicted that the central bank of the U.S. will stick to the previous rates between 5.25% to 5.50%.
Bitcoin’s Surge: Presidential plans, Bullish trends, and Fed rate Cut
Bitcoin saw a slight upthrust in its price after the Bitcoin 2024 summit in the U.S. and it went to $69.6k. The United States presidential candidates proposed their plans to acquire at least 200,000 BTC to hold a dominant position in the global market economy. They also promise to amend regulations in favor of cryptocurrency.
From analysts’ perspective, Bitcoin is about to start its Bullish trend and can hit $100K in September. The Federal Reserves meeting is scheduled for September 18, which is likely to cut rates for the first time since 2020. According to CME Group, the chance of cutting rates is 85.8%.
IncomeSharks made a post on X on July 31, showing the strong trend of BTC. The graph in the post showed the BTC breaking out point from where the rally began and how far this strong trend will last.
