The Federal Reserve held its benchmark rate at 3.50% to 3.75% on July 29, but three officials dissented in favor of a quarter-point hike, an unprecedented event since September 2016. Bitcoin briefly topped $64,000 after the decision but remains trapped in a crucial price band between $62,000 and $68,000, identified by Glassnode as the most significant cost-basis cluster in the current supply profile. Cumulative net inflows into Bitcoin ETFs stand at $51.4 billion, though $526 million in outflows over four days recently interrupted a streak of inflows. The next test for Bitcoin will be the PCE report on July 30, followed by employment and inflation data, which will determine whether the Fed opts for a hike in September.
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