Bitcoin (BTC) remained at $27,000 through September 20 as the key macroeconomic day of the crypto trading week arrived.
Market is “set to respond” to BTC price fluctuations
Cointelegraph Markets Pro and TradingView It showed that the focus of BTC price has shifted upwards compared to the previous week.
The crypto market expressed confidence in the US Federal Reserve’s interest rate decisions. The Federal Open Market Committee (FOMC) was scheduled to announce the latest changes at 2:00 p.m. Eastern time.
As reported by Cointelegraph, forecasts are almost unanimous in favor of interest rates remaining at current levels, with odds still sitting at 99% at the time of writing, according to data from CME Group. fedwatch tool.
“The market has priced in a 99% chance that the Fed will leave the Fed unchanged at this meeting. The data supports that, with core CPI inflation currently on track for the Fed on a three-month annualized basis.” Financial commentator Ted Talks Macro said. Said Some of his latest analysis shows X number of subscribers.
“This could be the first meeting where the Fed recognizes that inflation is moving in the right direction…”
Nevertheless, this event tended to result in short-term volatility.
Monitoring resource Material Indicators analyzed the state of the BTC/USD order book on Binance, the world’s largest exchange, and found that liquidity around the spot price is extremely thin.
“If there’s one thing that stands out, it’s that liquidity is thinly spread across the range,” the commentary reads in part. said.
“There could be some walls going up, but for now the order book seems set up for more volatility.”
Material Indicators added that Fed Chairman Jerome Powell’s subsequent speech and press conference should lead to further “spicy” BTC price action.
The attached chart shows that while some of the bidder’s liquidity remains at $26,650, the effective bid amount is still only $25,000. On a positive note, sellers were waiting at the local BTC price of $27,450, the highest since September.
Bitcoin traders focus on key levels
Subsequently, some expected some range levels to be called into question as part of the FOMC reaction.
Related: Bitcoin Bollinger Bands reach major zone as BTC price races for $27,000
Popular trader Daan Crypto Trades said, “Today is a chance to put a stop because of the high volatility.” was suggested.
Fellow trader Gell said: Be expected Trader Skew predicted an active FOMC trading environment while examining a wide range of exchange activity while analyzing Bitcoin’s “up and down”.
$BTC binance spot
Pranks from late Asia to early EUSpot bid $27,000 – $26.7,000
FOMC should be fun https://t.co/4nfUA49ipR pic.twitter.com/2gCQ4ia6dD
— Skew Δ (@52kskew) September 20, 2023
Meanwhile, crypto tony has set $26,800 as the line for Bitcoin bulls to protect.
“This is what I am looking for to maintain a long position. It needs to hold above the $26,800 support zone or we risk an excursion.” commented Along with his own chart.
Subsequently, some expected some range levels to be called into question as part of the FOMC reaction.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk and readers should conduct their own research when making decisions.
