Live Chat

Crypto News

Cryptocurrency News 1 years ago
ENTRESRUARPTDEFRZHHIIT

Bitcoin Stabilizes at $26,500 as Volatility Subsides: FOMC Meeting and Trading Range in Focus

Algoine News
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

Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.

Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal? We appreciate your report.

Report

Fill up form below please

๐Ÿš€ Algoine is in Public Beta! ๐ŸŒ We're working hard to perfect the platform, but please note that unforeseen glitches may arise during the testing stages. Your understanding and patience are appreciated. Explore at your own risk, and thank you for being part of our journey to redefine the Algo-Trading! ๐Ÿ’ก #AlgoineBetaLaunch