Bitcoin analysis predicts ‘spicy’ BTC price into FOMC as $27K holds
Source: TradingViewMarket “set to accommodate” BTC cost volatilityData from Cointelegraph Markets Pro and TradingView revealed the BTC cost focus shifting upward compared to the week prior.” Material Indicators included that the subsequent speech and press conference from Fed Chair Jerome Powell ought to lead to further “spicy” BTC price action.An accompanying chart showed some bid-side liquidity parked at $26,650, while considerable quotes still only at $25,000. To the upside, sellers lay in wait at $27,450– the local BTC rate high from September.BTC/ USD order book information for Binance. Related: Bitcoin Bollinger Bands hit essential zone as BTC rate battles for $27K” Good possibility we take out some stops today throughout the volatility,” popular trader Daan Crypto Trades suggested.BTC/ USD annotated chart.
Bitcoin (BTC) held $27,000 into Sep. 20 as the crucial macroeconomic date of the cryptocurrency trading week arrived.BTC/ USD 1-hour chart. Source: TradingViewMarket “set to accommodate” BTC cost volatilityData from Cointelegraph Markets Pro and TradingView revealed the BTC rate focus moving up compared to the week prior. Crypto markets revealed conviction into the decision on rates of interest by the United States Federal Reserve. The Federal Open Market Committee (FOMC) was because of reveal its newest changes at 2pm Eastern time on the day.As Cointelegraph reported, expectations practically unanimously preferred rates remaining at existing levels, with the chances still at 99% at the time of composing, per data from CME Groups FedWatch Tool.” The market is pricing a 99% likelihood that the Fed are on hold at this conference. And the information contributes for that, core CPI inflation is now running at the Feds target on a 3-month annualized basis,” financial analyst Tedtalksmacro told X customers in part of his latest analysis. “Potentially the first conference where the Fed recognize that inflation is trending on the ideal course …” Fed target rate probabilities chart. Source: CME GroupDespite this, the event was tipped to deliver short-term volatility. Examining the state of the BTC/USD order book on biggest international exchange Binance, monitoring resource Material Indicators said that liquidity around spot cost was noticeably thin.” If something in specific stands out, its that liquidity is very finely dispersed through the range,” part of its commentary specified. “We could see some walls go up, but for now it appears the order book is set to accommodate more volatility.” Material Indicators added that the subsequent speech and press conference from Fed Chair Jerome Powell ought to cause additional “spicy” BTC price action.An accompanying chart showed some bid-side liquidity parked at $26,650, while significant quotes still only at $25,000. To the benefit, sellers lay in wait at $27,450– the local BTC cost high from September.BTC/ USD order book data for Binance. Source: Material Indicators/XBitcoin traders eye essential levelsContinuing, others expected some range levels to be challenged as part of the FOMC reaction. Related: Bitcoin Bollinger Bands struck essential zone as BTC price battles for $27K” Good chance we get some stops today during the volatility,” popular trader Daan Crypto Trades suggested.BTC/ USD annotated chart. Source: Daan Crypto Trades/XFellow trader Jelle said that he anticipated “choppy waters” on Bitcoin, while scanning more comprehensive exchange activity, trader Skew predicted a lively FOMC trading environment.$ BTC Binance SpotLate asia – early EU shenanigans area bids $27K – $26.7 K key area to bounce from & & ask liquidity moving up the book here FOMC ought to be enjoyable https://t.co/4nfUA49ipR pic.twitter.com/2gCQ4ia6dD— Skew Δ (@ 52kskew) September 20, 2023
Crypto Tony on the other hand flagged $26,800 as the line in the sand for Bitcoin bulls to safeguard.”This is what i am trying to find to stay in my long position. Need to hold above $26,800 support zone, or we risk producing a deviation,” he commented together with his own chart.Continuing, others expected some range levels to be challenged as part of the FOMC reaction.BTC/ USD annotated chart. Source: Crypto Tony/XThis article does not contain financial investment recommendations or suggestions. Every financial investment and trading relocation includes threat, and readers should perform their own research when making a decision.