Bitcoin Stabilizes at $26,500 as Volatility Subsides: FOMC Meeting and Trading Range in Focus
Summary:
Bitcoin (BTC) stabilizes around $26,500 as volatility eases after reaching new highs. Traders analyze bid liquidity defending current levels, while spot entities sell into bounces. Market anticipates upcoming FOMC meeting for potential impact on BTC price. Rates expected to remain unchanged. Bitcoin's reactions to macro data prints have been subdued. Short-term trading range likely to be $25,000 - $27,000. Readers advised to conduct their own research before making investment decisions.
Bitcoin (BTC) closed the week at around $26,500 as the market became less volatile after reaching new highs earlier in September. The cryptocurrency previously hit $26,880, its highest level of the month. Traders noted that there was strong bid liquidity defending the current price level. Analysts are looking at two potential scenarios: a dip to $26,100 followed by a bounce, or a reclaiming of the $26,600 highs leading to a long position. Spot entities have been selling into bounces, according to exchange behavior analysis. Market participants are eagerly anticipating the upcoming Federal Open Market Committee (FOMC) meeting on September 20, where benchmark interest rates will be decided. It is widely expected that the rates will remain unchanged, with a minimal chance of a surprise scenario. Bitcoin's reactions to macro data prints have recently been subdued, leading some to believe that the cryptocurrency will continue to trade within the $25,000 to $27,000 range in the short term. It is important for readers to conduct their own research before making any investment decisions.
Published At
9/17/2023 8:27:14 AM
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