Bitcoin (BTC) closed the week of September 17 at $26,500 after new September highs gave way to calmer conditions.
Bitcoin avoids weekly end-of-week volatility
Data from Cointelegraph Markets Pro and TradingView showed that Bitcoin price performance stabilized over the weekend.
Two days ago, the largest cryptocurrency rose to $26,880, its highest level so far this month.
Summarizing the status of the Binance BTC/USD order book, prominent trader and analyst Credible Crypto noted that large bid liquidity is boosting the market.
“There’s some seller absorption happening here – that level is protected,” he wrote in a comment on X (formerly Twitter).
There is some seller absorption happening here – this level is protected by ATMs. There’s too much below it, so a loss might see a good downside target. It was fun to watch this, but that’s it for tonight. Let’s see what happens tomorrow. Hopefully it’s a slow weekend so we can relax a bit… https://t.co/NFD7qcfAnC pic.twitter.com/4gWXpEDfsX
— CrediBULL Crypto (@CredibleCrypto) September 16, 2023
Amid the consolidation, trader Crypto Tony looks at two potential scenarios – regardless, $26,000 remains support.
“I’m still looking for a dip to $26,100 and look for a rebound to trigger a long move,” he Tell There are X subscribers that day.
“Either that, or if we just retrace the highs of $26,600, I’d be long.”
Trader Skew took a closer look at the exchange’s behavior, highlighting a specific short-term trend among traders, namely physical physical sell-off rallies.
Bitcoin USD Total CVD and Delta
Pretty much just aggressive positions being hunted next weekThe only detail here is that spot sales permanently drive the rally, especially the squeeze https://t.co/4yZFhcsYwx pic.twitter.com/KqRyRlyUHl
— Skew Δ (@52kskew) September 17, 2023
Can the FOMC change the BTC price range?
Beyond the weekly close, cryptocurrency market participants are eagerly awaiting key macroeconomic events from the Federal Reserve next week.
Related: Bitcoin Price Set to Hit All-Time High Ahead of Halving in 2024 – New Prediction
The Federal Open Market Committee (FOMC) meeting on September 20 will decide the benchmark interest rate, and the market generally expects the benchmark interest rate to remain unchanged.
CME Group’s FedWatch tool puts the chance of an unexpected event at just 2%.
However, as Cointelegraph reported, Bitcoin has cooled off knee-jerk reactions to macro data recently, and heading into the FOMC, some believed the status quo would remain unchanged.
“Next week’s FOMC and interest rate decisions should spark some volatility, but in the short term BTC will likely continue to trade between $25,000 and $27,000…” Popular trader Crypto Santa Summarize Part of recent X comments.
This article does not contain investment advice or recommendations. Every investment and trading activity involves risks, and readers should do their own research when making decisions.
