Bitcoin traded above $119,000 on Monday after a modest rebound from two-week lows in weekend trading, as the U.S.–EU trade pact bolstered investor risk appetite.
However, the cryptocurrency remained range-bound amid caution ahead of this week’s Federal Reserve decision and a key U.S. crypto policy report due July 30.
Bitcoin was last quoted at $119,552.6, up about 1.1% as of 02:18 ET (06:18 GMT).
Meanwhile, other cryptocurrencies saw sharper gains with Ether trading at a seven-week high.
US Fed meeting, crypto policy report due July 30
Markets took comfort from the U.S.–EU framework agreement announced Sunday.
The pact imposes a 15% tariff on European imports, down from the threatened 30%, and includes commitments for the EU to purchase $750 billion of U.S. energy and invest hundreds of billions in arms and infrastructure.
The deal reduced political risk and trade uncertainty. This improved sentiment led investors away from safe-haven assets into riskier ones, including equities and Bitcoin.
Attention now turns to the Federal Reserve’s two-day meeting ending on Wednesday. The central bank is widely expected to hold its benchmark rate at 4.25%–4.50%.
Traders will focus on commentary around possible rate cuts later in the year. A dovish tone could further support bitcoin by reducing returns on low-yield safe assets.
The U.S. crypto policy report, scheduled for release on July 30, is another key event. It is expected to outline plans for a strategic bitcoin reserve and provide greater regulatory clarity for sectors including stablecoins.
Clearer guidelines are seen as boosting institutional confidence in the crypto market.
Despite the uptick, bitcoin remained in a narrow trading band reflecting caution ahead of policy catalysts. While trade optimism encourages risk-taking, broader macro risks and Fed guidance continue to restrain aggressive price moves.
Crypto price today: altcoins rise, Ether at 7-mth high
Most altcoins saw much sharper gains than Bitcoin amid broader optimism around U.S trade progress.
World no.2 crypto Ether jumped over 4% to $3,924.15, its highest level since mid-December 2024.
World no. 3 crypto XRP rose 3.2% to $3.30.
Solana gained 3.5%, while Cardano added 2.4%, and Polygon rose 2.2%.
Among meme tokens, Dogecoin climbed 4%, while $TRUMP gained 2.2%.
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