Bitcoin holds at $105,000 as the Fed hints at cutting down the whales in July

Bitcoin held the $105,000 level when Wall Street opened today's trading session, and BTC's bullish momentum suddenly strengthened.

! BTC Price Chart | Source: TradingView## Expert: Bitcoin's "dip buy" is now $103,000

Data from TradingView shows that BTC is still holding most of the 4.4% increase from the previous day.

Positive information from the Middle East conflict situation – namely the temporary ceasefire agreement – has boosted the upward momentum of the crypto market and risk assets, while oil prices continue to fall.

For Bitcoin traders, the signs of a bull market recovery are evident.

"Bitcoin has made a strong bounce from the bottom of the range after sweeping liquidity and deviating from the price area. The price has now returned close to the middle of the range formed over the past 6 weeks," trader Daan Crypto Trades shared in the latest analysis on X.

! 4-hour BTC price chart | Source: Daan Crypto TradesAnalyst Michaël van de Poppe describes BTC's current price action as a "trend reversal".

"Currently, the price is in an uptrend after experiencing a sharp collapse due to liquidation, pulling below the $100,000 mark. BTC has crossed the $103,000 level and touched the next resistance. This is the time to buy a dip. If the price returns to the $103,000 area, that's the ideal area to accumulate," he shared with followers on platform X.

4 BTC Price Chart | Source: Michaël van de PoppeThe trend of institutional investment has been maintained, even amid escalating tensions between the US and Iran, as spot Bitcoin ETFs still recorded net inflows.

"Although the inflows are quite modest, it is worth noting that there have been no major capital outflows – this is a clear signal of investor confidence," on-chain analytics platform Glassnode said about the ETFs' performance.

Cash Flow via Bitcoin ETF Spot | Source: Glassnode## Fed's Bowman may "support" a rate cut in July

In another positive signal for the market, the US Federal Reserve (Fed) sent a message that it is willing to cut interest rates sooner than the market expects.

In a speech in Prague, Czech Republic on June 23, Fed Vice Chair for Supervision Michelle Bowman hinted that she may support lowering interest rates at the (FOMC) Federal Open Market Committee meeting in July.

Bowman also believes that the economic impact from U.S. trade tariffs may not be as severe as previously feared.

"If the upcoming data shows that inflation continues to move favorably, with upward pressure still limited to the commodity group, or if we see signs of weakening spending spreading to a weak labor market, these developments should be included in policy discussions and reflected in our decision. If inflationary pressures remain under control, I will support lowering the policy rate at the next meeting to bring it closer to neutral, while maintaining a healthy labor market," she said.

Fed Target Interest Rate Probability | Source: CME GroupThe latest data from CME Group's FedWatch tool shows that the market now expects the first of two expected rate cuts of 2025 to take place at the FOMC meeting in September.

As reported, Fed Chairman Jerome Powell – currently under pressure from President Donald Trump to lower interest rates – will testify before the US Congress on June 24-25.

Dinh Dinh