According to CoinMeta, the price of Bitcoin rebounded by 2.8% on July 29 from a low of $62,850 to around $64,650 as traders prepared for the Federal Reserve's interest rate decisions. The price of Bitcoin rose from $62,850 to a high near $64,775 before stabilizing at $64,650. The low of $62,850 aligned with Bitcoin's 200-day EMA, becoming an important test for market structure. Short-term momentum indicators entered oversold territory after Bitcoin fell from $66,700. Buyers entering near the long-term moving average helped trigger the rebound. The Federal Reserve's decisions are the main catalyst facing Bitcoin; the market has priced in interest rates remaining unchanged, but swap pricing indicates a one-third chance of a 25-basis-point increase. Citadel Securities believes that the Federal Reserve may raise interest rates to combat inflation, which would strengthen the dollar and increase pressure on Bitcoin. If Bitcoin closes above $65,200 without any hawkish surprises from the Federal Reserve, it could break through $65,000.