Bitcoin (BTC) topped $26,500 into the weekly close on September 17 after new September highs gave way to calmer conditions.
Bitcoin saves volatility for the weekly close
Data from Cointelegraph Markets Pro and TradingView BTC price performance showed stability over the weekend.
The largest cryptocurrency saw a spike to $26,880 two days ago, marking its highest levels of the month so far.
Summarizing the state of the Binance BTC/USD order book, popular trader and analyst Credible Crypto noted that a pool of bidding liquidity was supporting the market.
“Some vendor uptake happening here – this level of ATM is being defended,” he wrote in part of the accompanying comments on X (formerly Twitter).
Some seller absorption is happening here – this level is defended via ATM. Not much lower than that, so if you lose, you will see good odds flow towards downside targets. This was fun to watch but I’ll call it a night. Let’s see what tomorrow holds. Hopefully the weekend will be slow so we can relax… https://t.co/NFD7qcfAnC pic.twitter.com/4gWXpEDfsX
— Credible Crypto (@CredibleCrypto) September 16, 2023
Amid the consolidation move, fellow Crypto trader Tony looked at two possible scenarios – with $26,000 remaining as support regardless.
“I’m still looking at that drop to $26,100 and a bounce to a long trigger point.” Tell X subscribers per day.
“Either that or if we reclaim the highs at $26,600, I would look to buy.”
By looking closely at stock market behavior, trader Skew highlighted specific short-term trends among traders, with entities selling spot on bounces.
$ Bitcoin Total CVD and delta
Pretty much just catching aggressive situations next week
– Δ skew (@52kskew) September 17, 2023
Can the FOMC change the price range for BTC?
After the weekly close, crypto market participants have been eagerly awaiting next week’s major macroeconomic event from the US Federal Reserve.
Related: Bitcoin Price All-Time High Will Precede Halving in 2024 – New Prediction
The Federal Open Market Committee (FOMC) is scheduled to meet on September 20 to decide on benchmark interest rates, with markets overwhelmingly expecting them to remain unchanged.
CME Group Feedwatch tool Put the odds of the surprise scenario at just 2%.
However, as Cointelegraph reported, Bitcoin has recently cooled its knee-jerk reaction to the macro data print, and going to the Federal Open Market Committee, some believe the status quo will remain in place.
“FOMC and interest rate decisions in the coming weeks should bring some volatility, but Bitcoin will likely continue to trade in the $25K-$27K range in the short term…” Popular Trader Crypto Santa I finish In part of X’s last comment.
This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.
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