Bitcoin Holds Steady as Ethereum Outperforms, Eyes on Fed Meeting

Crypto markets closed the week in cautious green after a volatile few days. The price of Bitcoin held steady at around $64,300, up roughly 3.3% on the week but still down about 27% year-to-date.

Ethereum, however, continued to outperform its peers, with a weekly gain near +40%. This is partly due to its historical tendency to lead broader crypto recoveries, and analysts point to its technical setup as strong. Ethereum has reclaimed key moving averages while pressing toward 100-day EMA resistance near $1,944.

The week's performance was influenced by three main factors: a softer-than-expected inflation print, ETF flows, and geopolitics. The inflation report reignited hopes of a less hawkish Fed, causing Bitcoin to briefly surge above $65,000. However, this rally was short-lived as U.S. airstrikes against Iran dampened appetite for risk-based assets like crypto.

The Federal Reserve's July 28-29 FOMC meeting is now the single biggest catalyst to watch. Markets are pricing a meaningful probability of a rate hike, which could pressure crypto prices further if it materializes.