Bitcoin still remains highly volatile.

Bitcoin has slightly retreated after surging to around $32,000 USD and has begun to consolidate around the support levels of $28,000 - $30,000 USD over the past 2-3 weeks. Bitcoin has been under pressure from continuous inflation rates following the recent announcement by the Federal Reserve (FED). The inflation rate has risen to 3.2% from 3.0% in the previous month. Additionally, there's anticipation regarding the decision to establish Spot ETFs by the SEC. There is significant interest in setting up a Bitcoin ETF, and those involved in creating Bitcoin ETFs hold a positive outlook that the ETF establishment will indeed happen.

The cryptocurrency trading volume in the United States can be estimated at around 99.5% of the global trading volume. It is predicted that if Bitcoin ETFs are successfully launched, it will lead to a substantial increase in trading volume and provide investors with further opportunities to diversify their risk, according to an analysis by Bloomberg ETF.

James Seyffart, an ETF analyst, stated, "The SEC's decision on ARK's Bitcoin ETF is likely to come tomorrow, even though the official deadline is set for August 13th, which falls on a Sunday, implying a decision could come a day before. This could signify that the SEC might allow other companies to establish ETFs in the very near future as well."

Although the price of Bitcoin has been relatively consistent, data from Santiment reveals that the latest usage of BTC over the period of seven to ten years has increased to 1.088 million BTC, which accounts for 5.6% of the total circulating supply. This data, surveyed most recently in July, could reflect perspectives on Bitcoin's future, whether it's in terms of price or the development of Bitcoin itself.

Information from IntoTheBlock's Balance, utilizing the Holdings Indicator, which measures the overall quantity of held cryptocurrencies, indicates that the whales that have accumulated Bitcoin have a positive outlook on Bitcoin's future. This consistent accumulation signals positive changes in the market and suggests that major investors anticipate a price increase. On the other hand, individual retail investors should be cautious about accumulating excessively, as short-term volatility might arise.

Regarding the Bitcoin Greed and Fear Index, which measures investor sentiment, the latest data from Matrixport shows an index increase from 30% to 60%. This is still lower than the levels seen in July, which were above 90%. Despite the increase in the Greed and Fear Index, Bitcoin's price hasn't surged significantly. This suggests that there are still factors at play that need to be monitored, and investors are refraining from going all-in at the moment.

Techical analysis data (5H)

Resistance: 29445.4, 29512.7, 29552.4

Support: 29338.4, 29298.7, 29231.4

Source: Investing.com