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Bitcoin before the big jump: everything will be decided tonight!
Bitcoin hits $108,700 ahead of crucial Fed meeting minutes. Trump files for five new crypto ETFs.
Bitcoin before the big jump: everything will be decided tonight!
Today, July 9, 2025, Bitcoin (BTC) is trading at around $108,000. The market is cautious as the minutes of the US Federal Reserve's meeting will be published in the evening. These protocols could provide clues about possible interest rate cuts, which are of great importance to investors. Most notably, US President Donald Trump has applied to the SEC for approval of five new crypto ETFs, including a “Crypto Blue Chip ETF” of which 70% will be invested in Bitcoin. The remaining 30% is split between Ethereum (15%), Solana (8%), Cronos (5%) and Ripple (2%).
A positive outcome for this ETF's approval could boost demand for Bitcoin and the overall crypto market, especially since over $80 million flowed into spot Bitcoin ETFs on Tuesday, marking the fourth consecutive day of net inflows since July 2. Bitcoin has been trading in a tight range with low daily swings since May 22, while implied volatility in the options market has fallen to a one-year low.
Market analysis and technical indicators
The Bitcoin price is currently hovering around the $108,355 mark, the upper limit of a consolidation zone. The current price is around $108,700 and holding the support at $108,355 could lead to a rise towards the all-time high at $111,980. The Relative Strength Index (RSI) indicates some strength with a value of 55, while the MACD signal indicates a stalemate among market participants.
However, there are also risks in the immediate environment: falling below the support at 108,355 US dollars could result in a setback towards 105,333 US dollars, which could put investors on alert. These uncertainties are part of the current regulatory and economic environment, which is heavily influenced by the US Federal Reserve.
Effect of the Fed's interest rate policy on the crypto market
These interest rate decisions led to sharp declines in crypto prices. Bitcoin fell from an all-time high of $108,135 to $97,000, while Ether fell 13%, Solana fell 15% and XRP fell 8%. Additionally, on December 18, Bitcoin ETFs experienced their largest single-day decline since their inception, with a total volume of $671.9 million.
However, amid these volatile market conditions, Bitcoin remains up over 45% since the November 5 election, driven in part by President Trump's promises of regulatory changes and a national Bitcoin reserve. Bitcoin ETF assets under management have reached $129 billion, surpassing gold ETFs at $128 billion.
Finally, it is worth mentioning that the IRS will be introducing significant changes to crypto taxes starting January 1, 2025. It is advised to set aside 25% to 30% of profits in cash or stablecoins for upcoming tax obligations.