Bitcoin price settles at $26.5K as key Fed inflation week dawns
The price of Bitcoin (BTC) has stabilized at around $26,500 as the new week begins, following a period of new highs and increased volatility. The largest cryptocurrency reached levels as high as $26,880 before settling at its current price. Traders have noted a cluster of bid liquidity that is supporting the market and defending the $26,000 support level. Despite consolidatory movement, traders remain optimistic and are looking for a potential dip to $26,100, followed by a bounce for a long trigger. Alternately, if the highs of $26,600 are reclaimed, traders will look for opportunities to long.
Bitcoin’s volatility during the weekly close
Coinciding with the weekly close, Bitcoin has seen a stabilization in price performance over the weekend. This comes after a period of increased volatility, which saw the cryptocurrency reach its highest levels of the month so far. Traders have been closely observing exchange behavior, with spot entities selling into bounces and aggressive positions being hunted. Despite short-term trends, market participants are eagerly anticipating the upcoming decision on benchmark interest rates by the United States Federal Reserve.
Can FOMC impact BTC price?
The Federal Open Market Committee (FOMC) meeting on September 20 is expected to decide on benchmark interest rates. The market consensus is that rates will remain unchanged, with only a 2% chance of a surprise scenario. Bitcoin has recently displayed subdued reactions to macro data prints, leading some to believe that Bitcoin’s price range will continue to trade between $25,000 and $27,000 in the short-term. Traders are keeping a close eye on the outcome of the FOMC meeting for any potential impact on Bitcoin’s price.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
Some seller absorption happening here- this level being defended atm. Not much below it so if lost would probs see a nice flush to downside targets. Been fun watching this but going to call it a night. Let’s see what tomorrow brings. Hopefully a slow weekend so we can just chill… https://t.co/NFD7qcfAnC pic.twitter.com/4gWXpEDfsX
— CrediBULL Crypto (@CredibleCrypto) September 16, 2023
$BTC Aggregate CVDs & DeltaPretty much just aggressive positions getting hunted into next week
Only detail here is spot selling perp driven bounces, especially squeezes https://t.co/4yZFhcsYwx pic.twitter.com/KqRyRlyUHl
— Skew Δ (@52kskew) September 17, 2023
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