Major cryptocurrencies have not meaningfully reacted to the Federal Reserve’s decision to maintain the Federal Funds rate, trading sideways immediately following the announcement. Bitcoin, Ethereum, Dogecoin, and XRP all held their ground, suggesting that the market had largely priced in the central bank’s move or is awaiting further clarity on future monetary policy direction.

The lack of immediate price movement contrasts sharply with activity in derivatives markets. According to Coinglass data, 96,672 traders were liquidated in the past 24 hours, totaling $316.23 million. This significant churn highlights the risks associated with leveraged trading during periods of macroeconomic uncertainty, even when spot prices remain relatively stable.

Market Prices

ETF Flows and Analyst Views

Institutional flows showed mixed signals. SoSoValue data indicates net outflows of $49.8 million from spot Bitcoin ETFs on Tuesday. Conversely, spot Ethereum ETFs saw net inflows of $14.5 million, suggesting some rotation or specific interest in the second-largest cryptocurrency.

Anthony Pompliano stated that Bitcoin does not need clarity from regulators or policymakers to reach new highs, asserting that all-time highs will be hit regardless of the current environment. Meanwhile, Schwab Research Chief noted that Bitcoin’s fair value stands at $95,000, providing a bullish long-term target despite near-term consolidation.

Trader Perspectives

Market analysts offered diverging views on short-term price action. Crypto chart analyst Ali Martinez highlighted that Bitcoin whales accumulated 29,075 BTC over the past week despite the recent price pullback. This accumulation signals that large holders are using the dip to increase their positions rather than sell.

Trader KillaXBT believes a 10% or larger correction in traditional equity markets could mark Bitcoin’s higher-timeframe macro bottom. While a move to $50,000 remains possible, it would depend on Bitcoin weakening alongside stocks. He adds that bears have roughly six weeks to drive Bitcoin lower; if BTC does not reach the $50,000 level within that window, the opportunity to buy at that price will likely be gone.

Trader Ardi argues that $40,000 is an unrealistic base case target for Bitcoin. However, BTC would first need to decisively break below the $48,000–$54,000 range, which has served as one of the market’s strongest support zones over the past five years.

Pseudonymous crypto analyst DonAlt has outlined critical technical levels for Bitcoin and Ethereum ahead of their monthly closes, signaling that both assets face decisive moments that could define near-term market direction. In a livestream podcast on July 28, DonAlt emphasized that Bitcoin’s ability to hold above $60,000 is essential for maintaining its current structure, while Ethereum is displaying its strongest relative performance against Bitcoin in months.

The stakes for Bitcoin are high as it remains at a pivotal support level. DonAlt stated that Bitcoin needs to move decisively away from the $60,000 region and reclaim $65,000 to improve its technical outlook. While the asset has managed to hold the zone, he warned that repeated tests weaken support and increase the risk of a breakdown. A monthly close around $60,000 to $61,000 would be considered a bearish development, potentially prompting him to reduce positions accumulated near $58,000. Conversely, a close near current levels would confirm support but lack the momentum to inspire confidence. A move toward $69,000 or $70,000 before the monthly close would signal a stronger rebound and improve the bullish case.

Key Technical Levels for Bitcoin

If Bitcoin loses the $60,000 region, DonAlt sees around $45,000 as the most logical downside target. He described that level as an extreme valuation zone, noting that bearish targets materially below it would be overly aggressive.

Ethereum Shows Relative Strength

Ethereum stood out as the most attractive major crypto asset in DonAlt’s analysis due to its relative strength against Bitcoin for the first time in an extended period. A sustained move above $2,000 would improve Ethereum’s short-term structure, while a breakout above $2,500 could potentially open the door to a rapid return toward its previous all-time high.

DonAlt acknowledged his historical bias toward Ethereum but noted that the improving ETH-BTC chart and widespread investor skepticism create a favorable setup. He argued that once Ethereum begins gaining momentum, sidelined investors may rush to regain exposure, accelerating the move. Meanwhile, Solana continues to underperform, with DonAlt identifying the $35 to $40 region as a potential buying zone if the broader market breaks down.