Bitcoin, Ethereum, XRP Set for Next Price Rally as White House Crypto Report Nears

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In the last 24 hours, the crypto market has been in the red, with top coins experiencing a dip in prices. Bitcoin has dropped slightly to around $117,700, showing signs of weakness after recent gains.

Ethereum (ETH) also slid to $3,800, showing a 1% decline, while XRP also saw a drop and now trading at $3.10. Other altcoins followed a similar trend. BNB fell by 2% to $803, and Solana (SOL) is down to $181.. Meme favorite Dogecoin (DOGE) dropped nearly 5%, while Cardano (ADA) slipped by 1%. 

Important Report From White House Coming July 30

Bo Hines, Executive Director of the President’s Council of Advisers for Digital Assets, recently confirmed that the President’s Working Group on Digital Assets has completed its long-awaited 180-day report. This report will be made public on July 30, and many expect it to offer regulatory clarity, innovation support, and possibly favorable guidelines for the crypto industry.

Hines said, “America is now leading the way on digital asset policy.”

Bitcoin Price Update: Holding Support But Facing Pressure

Despite the positive news on the policy front, Bitcoin is currently trading in the red, and altcoins have also dipped. However, this may just be a temporary correction.

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Bitcoin recently bounced from an important support level around $114,988, which could mark the end of a wave 4 correction. The current structure on shorter time frames indicates that BTC could be entering a fifth wave rally, pushing the price toward $126,000 to $130,000 if momentum builds.

If Bitcoin fails to hold above the critical support level at $115,780, it may dip further to test the $113,800 region. But overall, the bigger picture still suggests BTC is in an uptrend.