In this video, we break down Bitcoin on the 1hr chart using Elliott Wave Theory. You’ll discover both bullish and bearish scenarios, plus the critical price levels and targets to watch. Video by Koenz Trading.
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Bitcoin is trading around $64,194, recovering slightly from an opening price of $63,547.05. The cryptocurrency market is moving sideways with a mix of macroeconomic tension and regulatory milestones driving today's cautious sentiment.
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Bitcoin Insights Today
-CPI Binary Event: Traders are highly focused on the U.S. Consumer Price Index (CPI) inflation report. Analysts anticipate conditions eased slightly in July, which might push the Federal Reserve to reconsider interest rate hikes in September.
-Geopolitical Strains: Energy market anxiety is spilling over into crypto. A diplomatic standstill between the U.S. and Iran has kept the Strait of Hormuz restricted, pushing oil prices to a two-week high and stoking fears of sticky inflation. Higher interest rates generally hinder non-yielding risk assets like Bitcoin.
-SEC Regulatory Meeting: The U.S. SEC is holding an open meeting today to discuss tailored rules for crypto asset investment contracts. This could reshape long-term institutional participant protection and market frameworks.
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