The world’s largest cryptocurrency has traded sideways for most of July after hitting a record high above $123,000 earlier this month

Bitcoin stayed rangebound near $119,000 on Tuesday as investors awaited clarity on U.S. trade negotiations and remained cautious ahead of the Federal Reserve’s upcoming policy decision.

The world’s largest cryptocurrency has traded sideways for most of July after hitting a record high above $123,000 earlier this month.

It was last down 0.4% at $119,001.6 as of 02:35 ET (06:35 GMT).

Despite the recent pullback, Bitcoin was set for its fourth consecutive monthly rise.

Markets are awaiting further clarity on ongoing U.S. trade talks with partners ahead of an August 1 deadline, after which Washington is expected to impose additional tariffs if no concrete deals are reached.

Traders also turned cautious ahead of the Federal Reserve’s policy decision on Wednesday. The U.S. central bank is widely expected to keep interest rates on hold, but investors will be watching closely for any signals on the outlook for monetary policy, especially as inflation remains above the Fed’s 2% target.

Higher-for-longer U.S. interest rates have weighed on speculative assets this year, with traders seeking more clarity on whether the Fed may begin easing later in 2025.

Adding to the cautious mood is a key U.S. Treasury report on cryptocurrency regulation, due for release on July 30. The report is expected to provide more detail on stablecoin oversight, tax policy, and possible enforcement actions, all of which could have significant implications for crypto markets.

The U.S. Securities and Exchange Commission has delayed its decision on the Truth Social Spot Bitcoin ETF application until Sept. 18, extending the review period beyond its original August 4 deadline.

The delay is part of a broader regulatory stance under new SEC Chair Paul Atkins, who has paused high-profile crypto ETF filings to assess them.

Truth Social’s ETF proposal was submitted in June by Trump Media & Technology Group under the NYSE Arca’s trust framework.