Bitcoin’s Bollinger Bands on a 3-day scale are tightening, a technical signal that typically precedes a significant price move in either direction. BTC currently trades around $63,300, down approximately $2,000 from the weekend, with its Relative Strength Index (RSI) falling to an oversold level of 21. The US Federal Reserve’s FOMC meeting on July 29 could influence the trend, as every announcement this year has been followed by a Bitcoin sell-off. Some analysts expect a drop to as low as $39,000 before the next bull run begins.
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