Bitcoin Approaches Resistance at $115K Amid Decline and FOMO driven by Political and Economic Factors

I observe that Bitcoin has reached the resistance zone at $115,000, resulting in a slight pullback. Amid the overall weakness in the crypto market, Ethereum's ETF has experienced a record outflow of $465 million yesterday. However, the ETH price remains strong above $3,600, and the altcoin season index stands at 51 points, indicating moderate bullish sentiment. Goldman Sachs anticipates three interest rate cuts by the Federal Reserve before year's end, with a 90% probability of a rate reduction in September. This dovish outlook could provide tailwinds for cryptocurrencies, especially Bitcoin, as lower interest rates often boost risk assets. The Trump administration is planning to issue a decree against the deception of crypto projects, while the SEC has introduced new guidelines for the custody of stablecoins. The White House continues to maintain a crypto-friendly stance, suggesting regulatory clarity might be on the horizon. Meanwhile, former Trump adviser David Bailey has proposed creating a political committee with a $200 million budget dedicated to promoting Bitcoin and aiming for its price to reach $10 million. This bold initiative highlights the political influence and strategic efforts surrounding crypto adoption. In the NFT space, an enthusiast purchased 5,000 NFTs from YugaLabs to support the project, demonstrating ongoing interest and community engagement. Top 3 cryptocurrencies by 24-hour change include Mantle (+19.30%), PumpFun (+8.74%), and Litecoin (+7.99%), indicating significant short-term gains across various tokens.