Bitcoin’s Calm Before the Storm: The Anticipation of the Fed’s Decision – Bitcoin is displaying its usual unpredictability, with its price circling around $26,500 as we approached the September 17 weekly close. After a promising soar to September highs, the crypto giant seems to be taking a breather.
According to data from Cointelegraph Markets Pro and TradingView, Bitcoin’s price dynamics appeared to stabilize over the past weekend. A tantalizing touch at $26,880 just two days earlier marked its zenith for the month, capturing the attention of many.
Credible Crypto, a renowned trader and analyst, weighed in on Bitcoin’s performance by examining the Binance BTC/USD order book. He pointed out a prominent cluster of bid liquidity, suggesting that it was acting as a market cushion. Observing the activity, he commented, “Some seller absorption happening here—this level being defended at the moment.”
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
As Bitcoin weaves its intricate dance, Crypto Tony, another expert in the field, speculated on two potential trajectories for Bitcoin, with both scenarios eyeing $26,000 as a steadfast support. Whether Bitcoin dips to $26,100 and springs back or simply reclaims the heights of $26,600, Tony is on the lookout for the next big move.
Skew, another trader, delved deeper into exchange patterns, pinpointing specific short-term behaviors. A noticeable trend emerged: spot traders seemed to be selling their holdings on price upticks.
However, the crypto community is holding its collective breath for a significant upcoming macroeconomic event: the U.S. Federal Reserve’s meeting on September 20th. The Federal Open Market Committee (FOMC) is poised to decide on benchmark interest rates. Market consensus heavily leans towards maintaining the current rates. CME Group’s FedWatch Tool further echoed this sentiment, indicating a mere 2% chance for any unexpected shifts.
Despite Bitcoin’s notorious reputation for sharp reactions to macroeconomic news, some believe that this FOMC meeting might not cause a significant ripple in Bitcoin’s price trajectory. Crypto Santa, a popular figure in the crypto community, opined, “Next week’s FOMC and Interest Rate decisions should induce some volatility, but BTC will likely continue to trade within $25k – $27k in the short term.”
In essence, while the crypto world awaits the Fed’s verdict, Bitcoin seems content to bask in its current range, leaving traders and investors in suspenseful anticipation.
