Bitcoin price settles at $26.5K as key Fed inflation week dawns
Bitcoin (BTC) circled $26,500 into the Sep. 17 weekly close after brand-new September highs gave way to calmer conditions.BTC/ USD 1-hour chart. Source: TradingViewBitcoin conserves volatility for weekly closeData from Cointelegraph Markets Pro and TradingView showed BTC rate efficiency stabilizing over the weekend.The largest cryptocurrency had seen a trip to $26,880 two days prior, this marking its highest levels of the month so far.Summarizing the state of the Binance BTC/USD order book, popular trader and expert Credible Crypto kept in mind that a cluster of quote liquidity was buoying the market.” Some seller absorption taking place here- this level being defended atm,” he composed in part of accompanying comments on X (previously Twitter). Some seller absorption happening here- this level being safeguarded atm. Not much listed below it so if lost would probs see a good flush to downside targets. Been fun seeing this however going to call it a night. Lets 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
In the middle of consolidatory movement, fellow trader Crypto Tony considered 2 possible scenarios– with $26,000 still holding as assistance regardless.” Either that or if we simply reclaim $26,600 highs i will look to long. Source: Crypto Tony/XLooking more carefully at exchange behavior, trader Skew highlighted specific short-term trends among traders, with spot entities offering into bounces.
Source: TradingViewBitcoin saves volatility for weekly closeData from Cointelegraph Markets Pro and TradingView showed BTC rate performance stabilizing over the weekend.The biggest cryptocurrency had seen a journey to $26,880 two days prior, this marking its greatest levels of the month so far.Summarizing the state of the Binance BTC/USD order book, popular trader and expert Credible Crypto noted that a cluster of quote liquidity was buoying the market. Source: Crypto Tony/XLooking more carefully at exchange behavior, trader Skew highlighted specific short-term patterns amongst traders, with area entities selling into bounces.”Next weeks FOMC and Interest Rate choices must induce some volatility, but BTC will likely continue to trade within $25k – $27k in the short-term …,” popular trader Crypto Santa concluded in part of current X commentary.BTC/ USD annotated chart.
Source: CME GroupAs Cointelegraph reported, nevertheless, Bitcoin has actually just recently cooled its kneejerk responses to macro data prints, and going into FOMC, some believed that the status quo would stay.”Next weeks FOMC and Interest Rate decisions ought to cause some volatility, however BTC will likely continue to trade within $25k – $27k in the short-term …,” popular trader Crypto Santa concluded in part of current X commentary.BTC/ USD annotated chart. Source: Crypto Santa/XThis short article does not contain financial investment guidance or recommendations.