While the cryptocurrency market reviews the market dynamics of the Fed’s upcoming meeting, Bitcoin is quite calm. Analysts say that the interest rate decision will lead to volatility.
Bitcoin has a quiet weekend as we wait for the FOMC meeting
Before the weekly close on September 17, Bitcoin is moving around 26,500 levels. Thus, new September highs point to a quiet weekend. According to TradingView data, Bitcoin price performance remained stable throughout the weekend. Reaching the highest levels of the month, the leading crypto reached the level of 26,880 two days ago.
What do analysts say?
Summing up the Binance BTC/USD order book, popular analyst Credible Crypto noted that the market is supported by a bunch of order liquidity. In the analysis shared by X, “We see that some seller orders are fulfilled here. “This level is currently being defended,” he said. According to details:
There is some vendor absorption going on here; At the same time, this level is defended. It’s not far below that, so if it loses, probs will see a nice rush towards negative targets. This was fun to watch but I’ll call it a night. Let’s see what tomorrow brings. I hope we have a slow weekend so we can calm down a bit.
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
During the stable movements, another trader named Crypto Tony pointed out two possible scenarios in which the 26,000 level is maintained as support. “I expect a drop to the 26,100 level and a bounce for a long-term trigger,” says Tony. Bitcoin is currently spending time in the $26,556.69 region, away from decline.
Leading trader Skew, on the other hand, took a closer look at the stock market movements, noting the short-term trends of traders.
$BTC Aggregate CVDs & Delta
Pretty much just aggressive positions getting hunted into next weekOnly detail here is spot selling perp driven bounces, especially squeezes https://t.co/4yZFhcsYwx pic.twitter.com/KqRyRlyUHl
— Skew Δ (@52kskew) September 17, 2023
Expectations are that the Fed will keep interest rates constant
Will the FOMC change the Bitcoin price range? Beyond the weekly close, crypto market participants are looking forward to next week’s main macroeconomic event from the Fed. Interest rates will be decided at the Federal Open Market Committee (FOMC) meeting to be held on September 20. Therefore, the vast majority of markets predict rates will remain unchanged.
CME Group’s FedWatch Tool puts the probability of a surprise scenario at just 2%. However, Bitcoin dampened macro data reactions ahead of the FOMC. Some believe the situation will remain the same. Popular trader Crypto Santa said, “Next week’s FOMC and interest rate decisions may bring some volatility. However, BTC will continue to trade in the range of $ 25,000 – 27,000 in the short term…” he commented.
As reported by Kriptokoin.com, Glassnode analysts are confident that we will see higher levels in the long term.
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