Bitcoin's Price Drop: Bitcoin's price dropped below $65,000 after the Federal Open Market Committee (FOMC) meeting on July 31, 2024 ¹. This drop was unexpected, as the dovish stance of the FOMC meeting was anticipated to boost Bitcoin's price.

Decoupling from US Equities: Bitcoin's price movement decoupled from US equities, which hit record highs after the FOMC meeting ¹. This decoupling is unusual, as Bitcoin's price has historically been correlated with US equities.

FOMC Meeting's Impact: The FOMC meeting's impact on Bitcoin's price was minimal, despite the dovish stance ¹. The meeting's outcome was expected to boost Bitcoin's price, but it had the opposite effect.

Interest Rate Cut Expectations: The FOMC meeting's dovish stance increased expectations of an interest rate cut in September ¹. Interest rate traders are now pricing 86.5% odds of a September cut, which boosted US stocks.

Bitcoin's Volatility: Bitcoin's price is known for its volatility, and the upcoming US Jobs report on Friday could add to this volatility ¹. The report could set the next direction for Bitcoin's price.

Market Sentiment: Market sentiment is cautious, with investors waiting for the US Jobs report to make their next move ¹. The report could impact Bitcoin's price and set the tone for the rest of the week.

Bitcoin's Correlation with US Equities: Bitcoin's correlation with US equities has been historically strong, but it decoupled after the FOMC meeting ¹. This decoupling could be a sign of a changing market sentiment.

Interest Rate Cut's Impact: An interest rate cut in September could impact Bitcoin's price, as it would increase liquidity in the market ¹. This increased liquidity could boost Bitcoin's price, but it's uncertain how the market will react.

Bitcoin's Price Prediction: Bitcoin's price prediction is uncertain, as the market is waiting for the US Jobs report ¹. The report could set the next direction for Bitcoin's price, and investors are cautious.