Bitcoin price settles at $26.5K as key Fed inflation week dawns

1 year ago

Bitcoin (BTC) circled $26,500 into the Sep. 17 play adjacent aft caller September highs gave mode to calmer conditions.

Bitcoin saves volatility for play close

Data from Cointelegraph Markets Pro and TradingView showed BTC terms show stabilizing implicit the weekend.

The largest cryptocurrency had seen a travel to $26,880 2 days prior, this marking its highest levels of the period truthful far.

Summarizing the authorities of the Binance BTC/USD bid book, fashionable trader and expert Credible Crypto noted that a clump of bid liquidity was buoying the market.

“Some seller absorption happening here- this level being defended atm,” helium wrote successful portion of accompanying comments connected X (formerly Twitter).

Some seller absorption happening here- this level being defended atm. Not overmuch beneath it truthful if mislaid would probs spot a bully flush to downside targets. Been amusive watching this but going to telephone it a night. Let's spot what time brings. Hopefully a dilatory play truthful we tin conscionable chill… https://t.co/NFD7qcfAnC pic.twitter.com/4gWXpEDfsX

— CrediBULL Crypto (@CredibleCrypto) September 16, 2023

Amid consolidatory movement, chap trader Crypto Tony eyed 2 imaginable scenarios — with $26,000 inactive holding arsenic enactment regardless.

“I americium inactive looking for that dip down to $26,100 and a bounce for a agelong trigger,” helium told X subscribers connected the day.

“Either that oregon if we conscionable reclaim $26,600 highs one volition look to long.”

Looking much intimately astatine speech behavior, trader Skew highlighted circumstantial short-term trends among traders, with spot entities selling into bounces.

— Skew Δ (@52kskew) September 17, 2023

Can FOMC displacement BTC terms range?

Beyond the play close, crypto marketplace participants were eagerly awaiting the coming week’s cardinal macroeconomic lawsuit from the United States Federal Reserve.

The Federal Open Market Committee (FOMC) gathering connected Sep. 20 is acceptable to determine benchmark involvement rates, with markets overwhelmingly expecting them to stay unchcnaged.

CME Group’s FedWatch Tool enactment the likelihood of a astonishment script astatine conscionable 2%.

As Cointelegraph reported, however, Bitcoin has precocious cooled its kneejerk reactions to macro information prints, and going into FOMC, immoderate believed that the presumption quo would remain.

“Next weeks FOMC and Interest Rate decisions should induce immoderate volatility, but BTC volition apt proceed to commercialized wrong $25k - $27k successful the short-term…,” fashionable trader Crypto Santa concluded successful portion of caller X commentary.

This nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision.

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