Important developments continue to occur that may affect the Bitcoin price. The FOMC meeting is of critical importance for risky assets. Events occurring in the Bitcoin ecosystem can trigger a price increase. This week, Fed Chairman Powell's visit to Washington D.C. A quick start is being made with the discussion in the Economic Club. In light of last week's mixed inflation data, markets will follow Powell's statements carefully; because these statements may give clues about future changes in US financial policy. So, how will these developments affect the Bitcoin price? Let's examine it together.

An interest rate cut is not expected at the meeting of the Federal Open Market Committee (FOMC) at the end of the month; This situation is considered as an important development by risky asset investors. Instead, the critical date for a looser policy stands out as the September FOMC meeting. Trade source The Kobeissi Letter pointed out the upcoming earnings reports of major companies and stated that all eyes are on the Fed and the start of the earnings season. The latest data from CME Group's FedWatch Tool shows that the probability of a rate cut in September is 94.3% as of July 15. The probability in July is only 4.7%. Charlie Bilello, chief market strategist at asset management firm Creative Planning, stated that the market is pricing in 2-3 interest rate cuts before the end of the year and 4 interest rate cuts in 2025.

Changes in price behavior have also begun to show up in the fundamentals of the Bitcoin network. After three consecutive declines, mining difficulty is finally starting to recover. While this depends on the price strengthening, estimates of a 4% increase on July 18 give hope to those concerned about miner health. According to MiningPoolStats data, hashrate has reached all-time highs, showing a positive outlook for the future. When we examine the 30-day and 60-day rolling hash rate changes, it is predicted that the surrender phase among miners may end soon. A similar phase was last seen in August 2023; At that time, signals were given that the Bitcoin price would fall below $ 30,000 in the long term.

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