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Bitcoin price is still pointing toward $120,800 after breaking out earlier this month, but fresh on-chain data shows selling from large holders and younger coins. With nearly $3.5 billion trimmed by major wallets and multiple age groups increasing spent supply, the rally could first face a 2% pullback toward $114,900 before resuming its climb.
The Bank of England reiterated its cautious stance on future interest rate cuts, emphasizing that inflationary pressures remain significant. The government's autumn budget may become the decisive factor for the interest rate cut path for the remainder of the year.
This FOMC decision and Powell’s speech sent a clear signal: the Federal Reserve is resuming rate cuts, but at a more cautious pace, with the core focus on balancing inflation stickiness and the risk of a slowdown in employment.
Just a week ago, initial jobless claims had surged to their highest level in nearly four years, sparking market concerns over a spike in layoffs. However, the latest data released today presents a dramatic turnaround.
