Bitcoin trades near $65,260, edging higher as traders await the Federal Reserve's July 28–29 policy meeting, with ETF inflows cooling after a roughly $465 million outflow in late July.

CoinDCX notes a bullish weekend with Bitcoin holding above the $65,000 level, reinforcing a constructive near-term setup.

Key resistance sits between about $65,550 and $65,600; a breakout beyond this zone could target $65,800 and the psychological $66,000 region, while initial support sits near $65,350 and $65,150 for deeper pullbacks.

Regulatory and macro factors remain in play, with stalled momentum on the CLARITY Act in the Senate and precautionary regulatory sentiment alongside evolving Fed rate expectations shaping risk assets.

Upcoming catalysts include the FOMC meeting at the end of July and the July 30 U.S. personal income, spending, and PCE data, as investors reassess inflation and policy paths.

Flows have reversed into profit-taking and portfolio rebalancing rather than a loss of institutional interest, with demand staying highly sensitive to price and policy signals.

The 10-year Treasury yield near 4.7% acts as a self-tightening constraint on the Fed, influencing liquidity and risk sentiment.

Market drivers include stronger institutional demand, fresh spot ETF inflows, lower exchange reserves, and steady policy expectations ahead of the Fed meeting.

Friday’s signal is crucial for the broader policy and currency trajectory, with traders watching the Outlook Report and BoJ remarks for hints on potential currency interventions.

Markets anticipate the Fed decision with roughly a one-third probability of a rate increase and await Powell’s guidance on the policy path, inflation, and energy costs.

In aggregate, expectations call for a hold with hawkish guidance possible if inflation or energy prices surprise to the upside during the Fed’s two-day meeting.

Earnings from Apple, Microsoft, Meta, and Amazon loom as key swing factors, with insights on free cash flow and AI spending potentially affecting yields, Nasdaq moves, and crypto liquidity.