Bitcoin stayed near $65,000 on Monday, July 27, showing resilience even as AI-focused tech stocks like Nvidia dropped sharply. While Nvidia slid almost 5%, dragging down AI favorites, the broader Nasdaq remained stable thanks to gains from Apple, Microsoft, and Google. Bitcoin’s price held firm, rising 4% since Friday, and ether reached its highest level in nearly two months.
Upcoming Fed Meeting Could Shift Crypto Momentum
Market watchers now turn their attention to this week’s Federal Reserve policy announcement alongside critical US inflation data and earnings reports from several tech giants. These events are expected to dictate whether bitcoin breaks out of its multi-month trading range or falls back toward June’s lows. Joel Kruger, market strategist at LMAX Group, considers bitcoin’s ability to surpass $67,300 essential for signaling a new upward leg in the crypto rally. Ether faces a comparable resistance near $2,000, with its recent price strength offering a positive hint for the market’s direction.
Bitmine chairman Tom Lee highlighted ether’s recent outperformance relative to bitcoin as a bullish sign, noting the ETH-BTC price ratio hitting a three-month peak on Monday. However, some analysts remain cautious. Nicolai Sondergaard of Nansen pointed out that the current bounce lacks the strong buying momentum usually seen before sustained rallies. Without increased demand from investors or renewed ETF interest, bitcoin may struggle to maintain gains and risk retreating to mid-$50,000 levels.
